Logan nets $300m from 2025 bond

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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