Yango scores with investor-friendly bond

The company turned to investors without a rating, but added a put option to ease any doubts.

Yango scores with investor-friendly bond

Fujian Yango Group, a Chinese conglomerate with businesses ranging from property to education, made its first foray into the international bond markets this week, raising $300 million from a three-year deal.

The company decided to turn to investors without the benefit of a rating, raising the pressure on its bankers to ensure investors' pricing expectations were not too wide of the market.

The move appeared to work. The deal captured as much...

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