Hopson Development completed a well executed debut high yield bond early Thursday morning November 3 via Credit Suisse First Boston. Both the issuer and lead manager had a lot to prove with the $300 million seven-year, non-call five deal.
Many market players had been skeptical that a BBBa1 SPMoody's deal for a Chinese property developer could succeed in the existing weakened market - US Treasuries have surged to 4.60% recently, nearing their year-to-date record high of 4.65%.
A number of observers also deemed it risky taking this kind of deal into the high-yield market so soon after Shanghai-based property developer Fosun Group pulled its...
