China Huarong braves market with $3.2b bond

China’s second largest bad debt manager is the first Asian corporate this year to raise foreign debt.

China Huarong braves market with $3.2b bond

China Huarong Asset Management braved volatile markets on Thursday by launching a $3.2 billion triple-tranche bond and becoming the first Asian corporate to raise foreign debt in 2015.

The bad debt manager, the second-largest in China, sold $600 million of three-year, $1.2 billion of five-year, and $1.4 billion of 10-year Reg S-denominated bonds via special purpose vehicle Huarong Finance II.

Despite weak Asian bond markets, China Huarong managed...

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