Hang Fung gives hope to high-yield borrowers

The jewellery maker might lead the way for other high-yield issuers, but it may still take a while before before they come to market.

Hang Fung Gold, the Hong Kong jewellery manufacturer and retailer, succeeded in selling the first sizeable public high-yield deal since the crisis began, pricing a $170 million bond at a yield of 9.25%.

The Reg-S transaction generated an order book of $270 million with sole bookrunner HSBC allocating bonds to 42 investors. Sixty-nine percent of the bonds sold to Asia, and 31% to EMEA. In terms of investor type, 56% sold to fund managers, 32% to banks, and 12%...

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