Why NagaCorp bond marked a rare win for investors

First ever bond issue from Cambodia comes up trumps despite being caught in the crosshairs of emerging market volatility and the deadening weight of Chinese property credits on secondary market spreads.
Cambodia greets global bond markets
Cambodia greets global bond markets

The successful debut of an inaugural bond issue from Cambodia this week demonstrates that even the most unusual credits can clear volatile and difficult markets if they are prepared to pay a price investors feel comfortable with. 

It is an attitude which meant that a $300 million three-year non-call two-year bond issue for Cambodian casino operator NagaCorp traded up over one point between its pricing on Monday and the close of trading in Asia on Wednesday.

This positive secondary market performance provides a sharp contrast to almost every single Asian G3 bond deal which has come to the market over the past month or so....

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