AES China Generating Company priced a $175 million seven-year Reg S eurobond after Asia's close yesterday Thursday via lead manager UBS and joint lead Deutsche Bank.
The deal was viewed as a particularly challenging one by most market participants given that it had to contend with the double whammy of an opaque and difficult operating environment in China combined with problems at the borrower's overleveraged parent, US based AES Corp. Nevertheless, in a testament to the liquidity of the Asian credit markets and investors' desire for yield, the deal was successfully priced and accounts seemed prepared to accept a significant watering down in covenants.
The transaction was priced at 99.348% on...
