Agile perp pushes pricing, suffers in secondary

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Agile perp pushes pricing, suffers in secondary

China’s Agile Property Holdings sold the first corporate hybrid bond of the year late last week, raising $700m from a tightly-priced perpetual non-call 5.5 deal. But the subordinated issue’s structure failed to impress institutional accounts, and led to a poor secondary market performance once the deal became free to trade.

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