
InitiateonFANHAI’20withBuyandFANHAI’19withHoldWeinitiateonOceanwide(“FANHAI”)‘20C18withaCreditBuyandFANHAI’19C17withaCreditHold.TheFANHAIcurveisslightlyinverted;havingsaidthat,wefavorFANHAI’20C18asFANHAI’19C17hasamuchhigherdollarprice.ThecouponontheFANHAI’20USDbondis9.625%butthereisathereafterpotentialstep-upof0-100bpsshoul...