China Singyes orbits into bonds with punchy debut

Despite a chunky cut in pricing from initial guidance, the solar power company's dollar bond trades up in the secondary market.

China Singyes Solar Technologies, a Guangdong-based manufacturer of solar energy products, made its first foray into the international bond markets on Thursday, raising $260 million from a two-year unrated deal.

The company tapped the market at a time when investors increasingly appear comfortable piling into high yield bonds. China Singyes, a Hong Kong-listed company currently eyeing the spin-off of its chemical production units, made the most of that sentiment. It generated $1.7 billion of demand from 139 different investors.

There is now more to come from sub-investment grade issuers. A heavy pipeline of deals across the credit spectrum will put investor appetite to the test this month,...

¬ Haymarket Media Limited. All rights reserved.

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