Greentown’s blowout heralds high yield comeback
Asian high yield demand is back. Property developer Greentown China Holdings received a whopping $5.5bn in orders for a $300m deal on Monday, reinforcing confidence among bankers that investors have recovered from a global bond sell-off in June and are now ready to return to sub investment grade credits. The result bodes well for Wuzhou International Holdings, a single-B rated credit that announced its own deal on Tuesday.
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