Seeing the wood for the trees

Sino Forest launches high yield debut.

Chinese forestry company, Sino Forest, launched roadshows in Hong Kong on Friday for a $200 million to $250 million high yield deal.

Under the lead management of Morgan Stanley, the Ba2BB- rated credit is hoping to raise seven-year funds from a 144a deal. Pricing is expected as early as Friday, following roadshows in Singapore on Monday, London Tuesday and the US for the remainder of the week.

The Canadian-listed company represents one of the most unusual credits to tap the Asian high yield market. Firstly, it operates in a sector where investors have not previously had any exposure and secondly, it has a very different...

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