Hydoo coughs up 13% yield on $130m exchange, new issue

There are two phrases that don’t often go together in the capital markets: ‘13% yield’ and ‘two year bond’. But that eye-watering funding cost was just what China’s Hydoo International Holding paid on its latest exchange offer, marking the highest yield for a dollar bond since 2015. Bankers think there will be plenty more where that came from, writes Addison Gong.