First 2017 deal wins big as Aoyuan grabs $250m

By Morgan Davis
05 Jan 2017

China Aoyuan Property Group raised $250m in the first bond issuance from Asia ex-Japan this year, with investors flocking to the deal and driving the order book to a 10 times subscription.

Aoyuan’s management was not sure what reception the deal would get from the market, for two reasons — the volatility in December that let to a spike in yields on 10 year US Treasuries, and the memory of the rough start to 2016.

But the investor reaction was ...

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