LDK Solar’s Rmb1.2 billion $182 million synthetic offshore renminbi bond has struggled in secondary market trading this week. This is a less than auspicious start for the first Chinese company outside the property sector to issue a renminbi-denominated US dollar-settled bond.
LDK Solar is also the first solar power company in Asia to issue a high-yield bond. The three-year deal was priced on Friday night Hong Kong time amid weak credit markets. Citi and Morgan Stanley were joint bookrunners.
The LDK Solar bonds, which were issued at par, initially fell three points to 97 on Monday and have touched a low of 96. According to one of the leads, they had recovered to...
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