ZhengTong prays for bond amid ratings pressure
China ZhengTong Auto Services Holdings is hoping that a credit-enhanced debut US dollar bond will allow it to stave off a downgrade after Moody's put the company on review because of its reliance on short-term loans.
The luxury car dealer has mandated JP Morgan as the sole global co-ordinator for a Reg S dollar bond, and bookrunner alongside Credit Suisse, according to a September 3 stock exchange filing.
The bonds will have an irrevocable standby letter of credit issued by Bank of China’s Macau
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