CAR Inc kicked open doors for lower-rated Chinese credits on Wednesday by selling the country's first junk bond issue of the year as choppy markets stabilised.
The maiden $500 million five-year high-yield bond callable in year three priced at 6.375%, some 60 basis points tighter than its initial price guidance area of 7%, according to a term sheet seen by FinanceAsia.
CAR's bond achieved a whopping orderbook in excess of $7 billion from 340 accounts, according to a source close to the deal. Fund managers subscribed to 85% of the paper.
The Chinese car rental company had...