China Shanshui Cement crosses line despite disclosure kerfuffle

After a few days of wrangling with lawyers, China Shanshui Cement relaunches a $400 million bond on Friday.

China Shanshui Cement crosses line despite disclosure kerfuffle

China Shanshui Cement finally crossed the line with its $400 million high-yield bond on Friday evening in what turned out to be an unusually eventful trade. The deal was the first high-yield Chinese industrial name to price since May 2011, but its return was unfortunately overshadowed by delays and clunky execution.

The leads had gone out with guidance at 10.5% to 10.75% on Wednesday and launched a $400 million bond at 10.5% that night. They...

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