Road King prices Rmb2.2 billion bonds

The bond is the first high-yield issue since May in the CNH market, sparking the interest of investors that are required to hold high-yield debt in their portfolios.

Road King prices Rmb2.2 billion bonds

Road King Infrastructure Finance has priced Rmb2.2 billion $360 million of senior Reg-S notes, the largest-size issue in the currency from the issuer.

The three-year notes pay a 6% coupon, the tight end of guidance due to huge demand from investors. Guidance was initially set in the area of 6.375% at deal launch, and then narrowed to 6%-6.125%. The maturity date has been set to December 3, 2016.

One source mentioned that...

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