HNA Group, one of the most acquisitive Chinese conglomerates, was out in the international bond markets on Thursday with one of the most eye-catching deals of the year for the wrong reasons.
The group, which has been subject to intense speculation about its shareholder structure and the strength of its political backing, initially marketed a capped $300 million 363-day note around the 9% mark, before fixing the coupon at 8.875% according to a term sheet seen by FinanceAsia.
The unrated deal’s extremely high coupon contrasts sharply with the current trading level of single-B rated Asian high yield credits, which range from the...
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