Hong Kong listed piped-gas distributor Xinao Gas made its debut in the high yield market on Friday July 29 with an increased $200 million seven-year bond via sole lead Deutsche Bank. The Ba1BB rated deal was priced at par with a semi-annual coupon of 7.375% to yield at 332bp over US Treasuries.
Fees were 2.75%.
The order book is said to have topped the $1 billion level by the time the deal closed on Friday afternoon - an oversubscription ratio of over five times. This represents a very strong showing and indeed key accounts were said to have been extremely interested in the deal even before...
