Huaneng Hong Kong Capital closed a $400 million bond on Tuesday night the first Asian dollar bond to close in more than a week. After a torrid first five months, Asia’s primary dollar bond markets hit a brick wall last week, amid volatility and concerns over rising interest rates.
The last dollar bond to price out of Asia ex-Japan was Vedanta’s jumbo high-yield offering on May 22. Since then, credit markets have been extremely volatile. US Treasury yields have risen sharply and bonds have sold off heavily in secondary markets. As a result, a number of companies that have held roadshows have chosen to postpone their deals.
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