High-yield MIE and Sritex flock to 144a market

Independent oil and gas company MIE and Indonesian textile maker Sritex tap high-yield investors looking to diversify away from the Chinese property sector.

High-yield Asian borrowers -- Hong Kong-listed MIE Holdings and Indonesian textile maker Sritex -- raised $700 million collectively from dollar bond markets late Tuesday, taking advantage of a recent uptick in demand from professional US investors, according to syndicate bankers.

MIE Holdings raised $500 million while Sritex raised $200 million in its debut dollar bond. Both companies also tapped into high-yield bond investors’ desire to diversify away from the Chinese property sector.

Investor confidence in Chinese high-yielding property credits has been hurt by worries of a default by small real estate company Zhejiang Xingrun Real Estate and news that the mainland Chinese authorities are tightening borrowing onshore....

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222