Asia’s bond market continued to churn out deals last night with usual visitors such as Philippine port operator ICTSI and Hysan Development tapping the market. However, it also took a turn down the credit curve with a Chinese developer pricing the first triple C-rated dollar bond out of Asia in a long while.
Hopson Development’s bond was rated Caa1 by Moody’s and CCC by Standard Poor’s, but its junk status did little to deter investors that piled into the $300 million five-year bond, putting in a massive $6 billion of orders.
The bonds, which are callable after three years, priced at 9.875%, at the tight end of...
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