Road King Infrastructure, a Chinese property developer, priced a $300 million perpetual bond Monday night, drawing a whopping order book from yield-hungry investors.
The Hong Kong-listed company, rated B1BB- by Moody'sSP, launched the Reg S deal ahead of a two-day policy meeting of the US Federal Reserve. But according to Fed fund futures tracked by the CME, a rate hike is not expected until June.
The lack of supply in the high-yield market and US President Donald Trump's promise to change business taxes helped spur a resumption of risk sentiment in Asia, said a syndicate banker on the deal.
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