Sound Global became the first Chinese company to issue a debut high-yield dollar bond this year, to the surprise of rivals, who were expecting the deal to get pulled.
Demand for the $150 million five-year bond reached $340 million hardly roaring and it seemed as though the company struggled. Sound Global had held a non-deal roadshow a few months back, went silent and then returned with a second roadshow late July. On Monday night, it seized a window to tap the market, making it the first wastewater treatment company to issue a bond in Asia.
Earlier this year, a handful of Chinese high-yield issuers had unsuccessfully attempted...
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