China Cinda Asset Management, a giant distressed debt buyer, sold the first additional tier one deal from a Chinese non-bank financial institution on Friday.
The Hong Kong-listed bad-loan manager rated A3A-A by Moody's, Standard Poor's and Fitch raised $3.2 billion through the sale of a perpetual non-call five bond, getting huge demand from global investors.
The Reg-S bond was launched on Friday morning, and quickly generated orders of more than $10 billion. Bankers said this was partly helped by widespread investor appetite for new deals, which they hope will keep supply chugging along in the coming weeks. But the response to China Cinda's bond was...
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