Evergrande baffles market with chaotic return to bonds

By Morgan Davis
01 Nov 2018

China Evergrande Group’s $1.8bn return to the bond market this week split opinion. The ultra-high yield deal, which sent the company’s secondary bonds spiralling, was largely sold to Evergrande’s chairman — a move that attracted a mix of outrage and admiration. Morgan Davis reports.

Evergrande, a B1/B+/B+ rated property developer, is by now a regular in the US dollar bond market, having sold bonds every year since 2015. But when it returned to the market this week, it had already earmarked up to $1bn of its three-tranche bond for its chairman and ...

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