What it amounts to is that just about everything I have read and heard lately, has implied that bond markets are just about closed to major project financing.
I am not the least bit surprised that Fortescue had completely missed this rivetting news and went ahead anyway, only to find that its issue of $1bn was way oversubscribed by eager investors.
The press has seldom been so far out of whack with reality. Talking everything down, in terms of China collapsing etc. They can do that, I could care less.
Ann: Fortescue Debt Offering , page-7
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