Record high-yield issuance continues with Winsway and SPG Land

Winsway and SPG Land raise a combined $700 million after a record first quarter for high-yield issues.
Demand for Winsway's coking coal is soaring in China
Demand for Winsway's coking coal is soaring in China

The first-quarter surge in high-yield issuance continued into this month on Friday when China’s Winsway Coking Coal and Hong Kong developer SPG Land sold $700 million of new bonds.

According to Dealogic, high-yield US dollar bond issuance for Asia ex-Japan touched $8.8 billion during the first quarter of 2011, the highest level in any first quarter. It was more than four times the $2.1 billion raised during the same period in 2010. Global high-yield bond issuance also hit a record high of $117.8 billion during the first quarter this year.

The larger of Friday’s two issuers coal logistics company Winsway Coking Coal priced a $500 million...

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