Logan nets $300m from 2025 bond

China_property_Adobe_25July
By Morgan Davis
01 Apr 2021

Chinese property developer Logan Group Co has returned to the dollar bond for the second time this year. It was forced to navigate a much more difficult market this time – and ended up paying around 20bp over fair value.

The real estate company, which is rated Ba2/BB/BB, sold a $300m 4.5% 2028 note in January. The deal came during a heavy supply of Chinese property paper offshore, as borrowers rushed to nab attractive pricing levels for new bonds.

The market has changed dramatically since then. Chinese ...

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