Road King prices Rmb2.2 billion bonds

The bond is the first high-yield issue since May in the CNH market, sparking the interest of investors that are required to hold high-yield debt in their portfolios.

Road King Infrastructure Finance has priced Rmb2.2 billion $360 million of senior Reg-S notes, the largest-size issue in the currency from the issuer.

The three-year notes pay a 6% coupon, the tight end of guidance due to huge demand from investors. Guidance was initially set in the area of 6.375% at deal launch, and then narrowed to 6%-6.125%. The maturity date has been set to December 3, 2016.

One source mentioned that the closest comparable to Road King’s notes are Yanlord Land’s Rmb2 billion 5-year bonds issued in May. Yanlord is rated BB by both Moody’s and SP, whereas Road King is rated B1 by Moody’s...

¬ Haymarket Media Limited. All rights reserved.

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 subscription (2-5 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 subscription (2-5 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