Road King bond in top gear, Fenghui stays in first

Contrasting demand for issues by China's Road King and Fenghui Leasing as credit markets show signs of softening.

Competing international bond issues by two Chinese high-yield issuers attracted markedly different levels of demand on Wednesday as credit markets showed signs of softening. 

B1BB- rated Road King surpassed all expectations by building up an enormous $6.5 billion peak order book for its first dollar deal since 2012, while B2B rated Fenghui Leasing managed to attract $500 million in peak demand for a debut deal. 

The contrast between the two is largely down to name recognition and particularly Road King's long track record in the international bond markets, which gives investors confidence they will get their money back always a key attribute...

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