LDK Solar bonds sink in the secondary market

Chinese solar wafer maker LDK Solar's debut Rmb1.2 billion synthetic offshore renminbi bonds have underperformed in the secondary market, attracting criticism from rivals.

LDK Solar’s Rmb1.2 billion $182 million synthetic offshore renminbi bond has struggled in secondary market trading this week. This is a less than auspicious start for the first Chinese company outside the property sector to issue a renminbi-denominated US dollar-settled bond.

LDK Solar is also the first solar power company in Asia to issue a high-yield bond. The three-year deal was priced on Friday night Hong Kong time amid weak credit markets. Citi and Morgan Stanley were joint bookrunners.

The LDK Solar bonds, which were issued at par, initially fell three points to 97 on Monday and have touched a low of 96. According to one of the leads, they had recovered to...

¬ 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 (2-10 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 (2-10 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