China Evergrande returned to international bond markets on Friday, paying a staggeringly high interest rate for a $1 billion seven-year note, having already sold Asia's largest high-yield bond issue of the year just a week earlier.
China's biggest property developer sold the bonds at a yield of 9.5%, mopping up some of the excess demand after a dual-tranche offering on March 17 raised $1.5 billion but garnered more than $9.1 billion of orders.
One Singapore-based investor told FinanceAsia that he suspected “a club deal” instead of a public offering because of how quickly the deal was sealed. “The...
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