ASIA-PACIFIC

摘要

China hongqiao group took advantage of a stabilising market to sell US$300m of 3.5-year Reg S bonds last week. The successful print of the BB rated offering reaffirms returning investor appetite for Asian high-yield paper.rnChina Hongqiao was the second Asian high-yield borrower to tap the bond market after a month-long hiatus of such issuance due to heightened volatility in US Treasury yields and a deteriorating property market in China. Tata Motors had reopened the Asian high-yield market a week earlier with a US$750m dual-tranche offering.rnHongqiao's offering priced at 6.875%, a whopping 50bp inside the initial talk. The fact that the order book reached US$5.2bn also showcased rebounding appetite among investors for juicy yields on quality high-yield names.