LDK leads come under fire as secondary bonds plummet
Chinese solar power company LDK Solar sparked debate this week when its recent Rmb1.2bn ($182.4m) synthetic renminbi deal plummeted in the secondary market. Some bankers said the poor performance of the deal would dent investor confidence in the embryonic market.
The three year bond was priced at par with a 10% coupon on February 18, but fell heavily in the secondary market, trading as low as 96.5 before rebounding by the end of this week.
The leads had sounded out investors with price whispers of the 9% area, but
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