China Shanshui Cement crosses line despite disclosure kerfuffle

After a few days of wrangling with lawyers, China Shanshui Cement relaunches a $400 million bond on Friday.

China Shanshui Cement crosses line despite disclosure kerfuffle
China Shanshui's monitoring centre at its headquarters in Jinan

China Shanshui Cement finally crossed the line with its $400 million high-yield bond on Friday evening in what turned out to be an unusually eventful trade. The deal was the first high-yield Chinese industrial name to price since May 2011, but its return was unfortunately overshadowed by delays and clunky execution.

The leads had gone out with guidance at 10.5% to 10.75% on Wednesday and launched a $400 million bond at 10.5% that night. They...

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