China Shanshui Cement crosses line despite disclosure kerfuffle

China Shanshui Cement finally crossed the line with its $400 million high-yield bond on Friday evening in what turned out to be an unusually eventful trade. The deal was the first high-yield Chinese industrial name to price since May 2011, but its return was unfortunately overshadowed by delays and clunky execution.

The leads had gone out with guidance at 10.5% to 10.75% on Wednesday and launched a $400 million bond at 10.5% that night. They had completed preliminary allocations on the bonds though no final allocations were released. At the very last minute though, the deal was held up and could not price as lawyers were concerned that some investors...