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....