Large investors have long dominated the IPOs of Chinese companies overseas. But some bond investors are complaining that a small handful of investors can have an equally large impact in the bond market.
They pointed to a recent bond from Chinese property developer Yuzhou Properties as an example. The company launched its bond with already-strong anchor orders from so-called friends and family investors.
Yuzhou returned to the market with a $250 million bond on Tuesday evening, pricing a seven year non-call four deal well through its secondary curve. The company was able to get away with a yield of 6% on its new issue far inside...
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