China’s CAR rolls out $500m bond

The car rental company launches China's first high-yield bond of the year, pricing it at the tighter end of guidance as investors seek alternatives beyond the property space.

China’s CAR rolls out $500m bond

CAR Inc kicked open doors for lower-rated Chinese credits on Wednesday by selling the country's first junk bond issue of the year as choppy markets stabilised.

The maiden $500 million five-year high-yield bond callable in year three priced at 6.375%, some 60 basis points tighter than its initial price guidance area of 7%, according to a term sheet seen by FinanceAsia.

CAR's bond achieved a...

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