COGO succeeds on second try but slides in secondary

Property developer China Overseas Grand Oceans Group (COGO) priced a five year debut dollar on the second attempt this week, after pulling its first offering late last year. The issuer returned with an altered change of control clause and a higher starting spread, which helped address buyers’ initial concerns about parentage and relative value. But the bond widened 10bp-15bp in the secondary market after pricing, falling victim to a market choked with supply, said bankers on the deal.