China Automation tests high yield demand after Megaworld beats the bad news flow

13 Apr 2011

Safety systems supplier China Automation Group raised $200m after pushing ahead with the only Asian high yield issue of the week, despite weak secondary markets.

Sole bookrunner UBS priced the deal to yield 8%, off a 98.986 re-offer price and a 7.75% coupon. Price guidance had been set between 7% and 8%. But bankers working on the deal argued it was something of a victory given poor secondary trading this week, following Japan’s ...

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