Sound Global high-yield bond

Sound Global issues year's first Chinese high-yield dollar debut

Sound Global surprises the market by executing a $150 million high-yield bond, while ICBC taps the dim sum market for Rmb1 billion.
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A wastewater treatment plant in Fujian province
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<div style="text-align: left;"> A wastewater treatment plant in Fujian province </div>

Sound Global became the first Chinese company to issue a debut high-yield dollar bond this year, to the surprise of rivals, who were expecting the deal to get pulled.

Demand for the $150 million five-year bond reached $340 million hardly roaring and it seemed as though the company struggled. Sound Global had held a non-deal roadshow a few months back, went silent and then returned with a second roadshow late July. On Monday night, it seized a window to tap the market, making it the first wastewater treatment company to issue a bond in Asia.

Earlier this year, a handful of Chinese high-yield issuers had unsuccessfully attempted...

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