Second time lucky for Chaoda

China''s largest integrated fruit and vegetable producer completes a debut high yield bond.

Chaoda Modern Agriculture raised a slightly increased $225 million yesterday February 1 via a five-year deal led by Credit Suisse First Boston, Deutsche Bank and Merrill Lynch. Pricing came at the tight end of revised guidance after the deal accumulated an order book of $1.3 billion.

Terms were fixed on an issue price of 98.985% and coupon of 7.75% to yield 8% or 430bp over Treasuries. Fees are 1.6%.

The company initially...

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