Far East's Cosmopolitan Hotel in Hong Kong
The difficulties faced by Far East Consortium and China Aoyuan suggest that investors are clearly still selective on high-yield and unrated credits.
Far East, an unrated property developer, had gone out with guidance for its five-year dollar bond at 5.5% and, according to sources, was expected to price on Friday evening.
That did not happen, however, and it appeared as though the deal was still struggling on Monday. The leads either could not be reached or would not...