Mixed fortunes for greater China bond trio

CK Hutch, New World Development and HNA Group jump into the international bond markets ahead of the Golden Week holiday.

A trio of large-cap borrowers jumped into the international bond markets on Wednesday, marking a week of relatively heavy new issuance and increasingly muted secondary market trading. 

Timing for the two Hong Kong blue chips CK Hutchison Holdings and New World Development, plus China’s acquisitive HNA Group was dictated by China’s imminent five-day Golden Week holiday.

The offerings hit a market where investment grade spreads ended the day pretty much unchanged, with buying activity concentrated in high yield paper according to sales desks.

There’s a continuing search for yield even though we investors acknowledge that stretched valuations and historically low yields leave...

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