Mingfa grabs $100m after two day execution
Chinese property developer Mingfa Group made it across the finishing line with a five year non-call three dollar debut late last week. But widening bond indices and a procession of first time names from the same sector meant the borrower had to settle for a $100m deal.
It priced a February 2018 bond at 13.25% on January 25, after opening the book with guidance of the same level the day before. Mingfa had been waiting months for the right time to tap the market.
It finished a roadshow with Royal Bank of Scotland last November, but
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