Yingde Gases sold a capped $250 million 5.5-year bond on Thursday, defying global market fears and re-pricing its overall funding curve.
The 144AReg S-registered offering, which is callable after 3.5 years, is the first high-yield note to hit debt markets in three weeks. Asia’s fixed-income market came to a standstill in the past few weeks due to the increase in geopolitical risks stemming from the Russia-Ukraine crisis and the conflict in Iraq.
Barclays reported this month that outflows from the US high-yield space had reached $16.9 billion the week of August 4 and warned that a continuation of outflows could affect Asia.
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