Developer Socam pulls bond after pricing mismatch

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By Addison Gong
17 Sep 2019

Socam Development, part of the Shui On Group, became a victim of a weak market backdrop this week, pulling a planned dollar bond after investors balked at its pricing expectations. Addison Gong reports.

Sole global co-ordinator and bookrunner UBS started bookbuilding for Socam’s 2.5 year deal at the 6.2% area on Monday morning Asia time, but cancelled the bond without announcing final guidance because of “unfavourable sentiment”. DBS was also a bookrunner on the Reg S deal.

The unrated transaction is ...

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