High-yield MIE and Sritex flock to 144a market

Independent oil and gas company MIE and Indonesian textile maker Sritex tap high-yield investors looking to diversify away from the Chinese property sector.

High-yield MIE and Sritex flock to 144a market

High-yield Asian borrowers -- Hong Kong-listed MIE Holdings and Indonesian textile maker Sritex -- raised $700 million collectively from dollar bond markets late Tuesday, taking advantage of a recent uptick in demand from professional US investors, according to syndicate bankers.

MIE Holdings raised $500 million while Sritex raised $200 million in its debut dollar bond. Both companies also tapped into high-yield bond investors’ desire to diversify away from the Chinese property sector.

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