Chinese property: A tale of two issuers

By Morgan Davis
20 May 2020

Chinese property borrowers are back in the bond market, following the success of Zhenro Properties Groups’ $200m deal last week. But Tuesday’s issuers — Country Garden Holdings Co and Redco Properties Group — saw two different outcomes, as they grappled with an illiquid secondary market and difficult pricing levels.

Redco, which raised $150m, carries a B rating from both S&P Global Ratings and Fitch. In comparison, Country Garden, which took home $544m, is Ba1/BB+/BBB- rated.

Zhenro is rated B1/B/B+, putting it closer to Redco. But Zhenro closed its 8.35% deal last week with just ...

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