Cash-rich emerging market investors are ready to put money back to work in the high-yield space in the second quarter as Chinese property market concerns decline, fixed income experts say.
Recovering risk appetite was on show as the first junk bond in a month hit the market on Tuesday. Rated Ba3BB-, Central China Real Estate launched a $300 million five-year bond that is callable in year three at a yield of 8.75%, 37.5 basis points tighter than its initial price guidance area, according to a term sheet seen by FinanceAsia.
The deal also received overwhelming orders from regional investors, with books...
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