Back with a bang: China’s property developers reopen bond market
Chinese property companies are slowly returning to the dollar bond market, reopening issuance from the sector after a two-month hiatus. Although debt bankers are not predicting a big pick-up in deal flow from these high yield issuers, the lack of supply is giving some borrowers an edge over pricing. Morgan Davis reports.
Over the past week, Zhenro Properties Group, Country Garden Holdings Co and Redco Properties have raised a combined $894m from international bonds.
Each of the transactions attracted strong investor support, while also playing to different parts of the market.Country Garden is highest rated, bordering on investment ...