Chinese toll road operator successfully accessed the international bond markets yesterday Thursday raising $200 million from a seven-year Reg S deal led by HSBC.
Backed by a Baa2BBB- rating, the deal was priced at 99.910% on a coupon of 6.25% to yield 6.266%. This equated to 212bp over seven-year Treasuries and 165bp over Libor. Fees were 30bp.
Just over a week ago, it looked like the deal might be dead in the water. China mid-cap Far Eastern Polychem had blown up and Asian bond markets were stalling, with investors reluctant to participate in new issues after suffering a series of losses from the market's...
