ASIA-PACIFIC

摘要

Weak market sentiment whipsawed a US$200m Reg S offering from CHINA AOYUAN GROUP on Tuesday, preventing the property developer from tightening the deal from initial price guidance and sending the bonds down 1.25-1.75 points in the aftermarket, even though they were priced far wider than fair value estimates. The 7.95% three-year non-call two senior bond issue was priced at 99.217 to yield 8.25%, unchanged from initial price guidance of 8.25% area. "The problem is not pricing, it's market sentiment," said a banker on the deal. "It is hard to predict when market sentiment will improve."