Stop, look and listen: Cifi proves patience is a virtue with successful return to bond investors

10 Apr 2013

Chinese property company Cifi Holdings was turned away from the dollar bond market six weeks ago, when investors baulked at its aggressive price expectations. But the company went from aggressor to conciliator over the course of last week — and soon proved willing to offer a price that generated a flood of demand from investors, writes Matthew Thomas.

The company closed a five year non-call three with a yield of 12.25% on Monday evening. That was a big jump from the mid-to-high 11% pricing Cifi was aiming for six weeks ago, when it made an earlier, aborted attempt at a deal. That willingness to budge on ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial