Hongqiao Delays Bond on Market Conditions
China Hongqiao Group, which makes aluminum products, temporarily delayed its planned sale of U.S. dollar-denominated bonds.
The issue was postponed due to “market conditions,” according to Christine Wong, a Hong Kong-based investor relations manager at Imagination Asia, which manages the company’s public relations. China Hongqiao was talking to investors about a benchmarksized, five-year bond with a yield of around 11 percent, a person familiar with the matter said yesterday. The company would be able to buy back the notes after the third year, the person said, asking not to be identified because the terms aren’t set.