TAIPAN: How to handle a bond buyback
Taking a haircut is never a bondholder's first choice, but Greentown's tender offer should not leave such a bitter taste.
Another week, another buyback. Chinese property developer Greentown became the latest issuer to launch a tender for its high yield bonds this week. It’s certainly not the first Chinese issuer to try to cancel out its offshore borrowing to get it out of a tight spot, and I’m ...
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