The story in the bond markets for the first half of this year was the lack of new high-yield paper. But issuance has since picked up, led by a flurry of Chinese property companies.
Some of these deals attracted massive order books, but recent deals have gone on to trade badly in the secondary markets, which has prompted some investors to suggest that they were priced too aggressively.
“These deals have been mis-priced,” said one Hong Kong-based fund manager. “A lot of the deals were bought by private banks on leverage and orders were inflated,” he added. “The order books have been massive. These deals came too...
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