Grand China Air Hong Kong sold a $300 million two year bond that is callable in year one late on Tuesday, its debut in the dollar space as investors look to hold the issuer’s latest high-yielding unrated bond.
The Reg S-only offering priced at 5.5%, which is 25 basis points tighter than its initial price guidance area of 5.75%, according to a term sheet seen by FinanceAsia.
“The issuer demonstrated in the past that it can get access to the market without a rating,” said a source close to the deal, who added that books were growing north of the $200 million mark by...
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