Xinyuan sells $300m bond at initial guidance
Chinese property developer Xinyuan Real Estate Co, whose outstanding bonds have suffered because of the Covid pandemic, opted for size over price for its $300m return this week.
Thursday’s outing was the real estate firm’s first dollar trade this year. Xinyuan returned to raise funds to meet the remaining $298.4m of obligations on its 8.875% notes due on November 22.
The leads began marketing the three non-put two year bond at the 14.5% yield-to-put area.A ...