Road King drives investors hard for $300m
Chinese toll road operator and property developer Road King Infrastructure took advantage of investor desire for high yielding paper on Monday, offering a rare perpetual, fixed for life deal that still attracted a book that was more than 15 times subscribed.
Road King is the first Asian high yield name to sell investors a fixed for life deal, said syndicate bankers on the transaction. A fixed for life trade does not offer a guaranteed step-up and plays to the issuer’s advantage.
In this case, the issuer will only offer
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