King of the road?

Road King returns to the US dollar bond market for the first time since 1997.

Chinese toll road operator successfully accessed the international bond markets yesterday Thursday raising $200 million from a seven-year Reg S deal led by HSBC.

Backed by a Baa2BBB- rating, the deal was priced at 99.910% on a coupon of 6.25% to yield 6.266%. This equated to 212bp over seven-year Treasuries and 165bp over Libor. Fees were 30bp.

Just over a week ago, it looked like the deal might be dead in the water. China mid-cap Far Eastern Polychem had blown up and Asian bond markets were stalling, with investors reluctant to participate in new issues after suffering a series of losses from the market's...

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