Ocean Grand embarks on high-yield odyssey

ABN AMRO takes debutante Chinese aluminium products maker to the high-yield market.

Sole underwriter ABN AMRO has a priced a debut $125 million five-year high-yield bond deal for Hong Kong-listed Ocean Grand Holdings. From the beginning, the BB- SP deal was considered a difficult sell given the recent volatility in the high-yield market and a spate of pulled deals.

Indeed, after witnessing a slow pick up in demand, the lead ended up having to price above its initial range between 9% and 9.25%. Final pricing came in at 99.515% on a semi-annual coupon of 9.25% to yield 9.375%, equivalent to 497.5bp over US Treasuries. Lifting the yield enabled the order book to close almost two times oversubscribed.

...

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