Demand blows a gasket for Xinao bond

Chinese gas distributor increases its debutant bond deal on huge order book.
July 31, 2005

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 Ba1/BB+ rated deal was priced at par with a semi-annual coupon of 7.375% to yield at 332bp over US Treasuries.

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