AsiaÆs first high-yield bond since August prices

Hang Fung Gold sells $170 million worth of bonds, garnering $270 million in demand.

Hang Fung Gold, the Hong Kong jewellery manufacturer and retailer, late last night priced the first high-yield public deal in Asia since Mobile 8's $100 million offering in August by Lehman Brothers excluding an $88 million Davomas tap by the bank in early September, as Kexim also succeeded in pricing the second investment-grade deal in the wake of the subprime crisis. Secondary market performance will be closely watched to gauge the outlook for other...

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