Credit Suisse was hired to sell the unrated bond.

It made its high yield-debut in June with a A$60 million unrated bond issue for data centre company NextDC NXT.AX.

It made its high yield-debut in June with a A$60 million unrated bond issue for data center company NextDC NXT.AX.

The unrated bond is secured against Republic Plaza, which has scored a green mark platinum from Singapore's state agency Building and Construction Authority.

Hang Lung Properties printed what is, according to one analyst, only the fourth unrated bond with a 10-year tenor out of Hong Kong.

So far, 80 percent of the assets, which include loans, unrated bonds and subordinated tranches of mortgage-backed debt, are sourced from Australia.

Private banking clients had been absorbing the bulk of the high-yielding paper despite the risks and limited disclosure that comes with unrated bonds.

I've seen estimates for total defaults for the year ranging from $1.8 billion (this number included unrated bonds) to $1.1 billion.