LDK Solar bonds sink in the secondary market

Chinese solar wafer maker LDK Solar's debut Rmb1.2 billion synthetic offshore renminbi bonds have underperformed in the secondary market, attracting criticism from rivals.

LDK Solar’s Rmb1.2 billion $182 million synthetic offshore renminbi bond has struggled in secondary market trading this week. This is a less than auspicious start for the first Chinese company outside the property sector to issue a renminbi-denominated US dollar-settled bond.

LDK Solar is also the first solar power company in Asia to issue a high-yield bond. The three-year deal was priced on Friday night Hong Kong time amid weak credit markets. Citi and Morgan Stanley were joint bookrunners....

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