Second time lucky for Chaoda

China''s largest integrated fruit and vegetable producer completes a debut high yield bond.

Chaoda Modern Agriculture raised a slightly increased $225 million yesterday February 1 via a five-year deal led by Credit Suisse First Boston, Deutsche Bank and Merrill Lynch. Pricing came at the tight end of revised guidance after the deal accumulated an order book of $1.3 billion.

Terms were fixed on an issue price of 98.985% and coupon of 7.75% to yield 8% or 430bp over Treasuries. Fees are 1.6%.

The company initially set out with a $200 million target and indicative pricing around the 8.5% mark.

The most obvious pricing comparable is fellow China mid cap Asia Aluminium, which has the same Ba3...

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