nine-dragons-spells-good-news-for-bond-market

Nine Dragons spells good news for bond market

In another positive development for Asia's bond market, the Chinese pulp and paper company raises $300 million in the first triple-B rated deal this year.

Chinese pulp and paper company Nine Dragons Paper pulled off this yearÆs first triple-B rated deal with a $300 million five-year Reg-S 144A transaction, opening the market yet wider after SwireÆs non-government linked deal last week. The deal should pave the way for other similarly rated companies, and bodes well for a revival of AsiaÆs high-yield market.

The deal is also the first bond from a debut Asian issuer to tap the international markets in 2008.

The transaction, which was sole-led by Merrill Lynch, built a book of $500 million from 70 accounts, although the number of investors who were actually allocated bonds is unknown. Fifty percent of the bonds were sold into Asia, 40%...
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