Huarong and Midea add to dollar bond rush

Bad-loan manager and white goods maker add to surge of Chinese credits accessing the dollar-denominated bond market.

China Huarong Asset Management, the country's largest bad-loan manager, and electronic maker Midea, launched benchmark Reg-S dollar-denominated bond offerings on Thursday, joining a slew of Chinese credits that have tapped the market this week.

Their fund raising exercises nipped into the market ahead of a speech on Friday by US Federal Reserve Governor Janet Yellen that may signal rising rates.

Huarong’s $2.5 billion deal in particularly proved to be wildly popular, building up a peak order book of $13.5 billion. This was not that surprising given the group went out with unusually attractive price guidance and even though it subsequently narrowed this down quite aggressively, the deal...

¬ Haymarket Media Limited. All rights reserved.

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