JD.com bond debut tanks in secondary

correlation px230 x 150 for gc
By Rev Hui
25 Apr 2016

An overzealous pricing strategy and a divisive credit rating meant JD.com’s debut dollar bond offering did not get off to a good start with the notes widening significantly in the secondary market on Monday.

Joint global co-ordinators Bank of America Merrill Lynch and UBS executed the deal on Friday, launching the Baa3/BBB- rated trade in the Asia open with the five year marketed at 215bp over US Treasuries and the 10 year at 245bp over.

Those on the deal said the bookbuilding ...

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