Oceanwide builds $400m despite rocky markets

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By Rashmi Kumar
05 Aug 2015

Oceanwide Holdings managed to reach the finish line for its $400m bond on Tuesday, the same day another high-yield issuer was forced to shelve its deal due to weak demand. Oceanwide’s triumph was thanks to the existence of outstanding notes that were trading well in secondary, as well as investors’ familiarity with the credit.

The Chinese property developer started sounding out investors on Tuesday morning with initial price thoughts in the 9.875% area for a five put three trade. The issuer, guided by leads Citic CLSA and UBS, decided not to launch its deal the previous day owing to numerous

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