AES China re-finances bond

An unusual high yield transaction from China is completed.

AES China Generating Company priced a $175 million seven-year Reg S eurobond after Asia's close yesterday Thursday via lead manager UBS and joint lead Deutsche Bank.

The deal was viewed as a particularly challenging one by most market participants given that it had to contend with the double whammy of an opaque and difficult operating environment in China combined with problems at the borrower's overleveraged parent, US based AES Corp. Nevertheless, in a testament to the liquidity of...

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