Longfor rides S&P upgrade to price tight bond

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By Addison Gong
10 Sep 2019

Chinese real estate developer Longfor Group Holdings raised $850m from a 10 year bond on Monday, taking advantage of a recent ratings upgrade that led to a rally in its secondary price.

Rated Baa3 by Moody’s and BBB by Fitch, the developer got a boost in its rating at the end of last week, with S&P lifting it by one notch to BBB. The move saw its outstanding dollar bond curve tighten by 10bp-15bp in the secondary market, according to ...

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