HNA's costly bond sale raises red flag

Is HNA's bond yield too good to be true? Some investors warn of risks beneath the hood.

HNA's costly bond sale raises red flag

HNA Group, one of the most acquisitive Chinese conglomerates, was out in the international bond markets on Thursday with one of the most eye-catching deals of the year for the wrong reasons.

The group, which has been subject to intense speculation about its shareholder structure and the strength of its political backing, initially marketed a capped $300 million 363-day note around the 9% mark, before fixing the coupon at 8.875% according to...

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