China property struggles set back Jingrui debut bond

China Property (resized 230)
By Virginia Furness
15 May 2014

Jingrui Holdings was forced to put its dollar bond on hold this week as bad news from the Chinese property sector deterred investors. But while bankers blame the macro backdrop, the company is small, highly leveraged and with a concentrated business model.

Bookrunners Haitong International, HSBC and UBS announced guidance for Jingrui’s five non call three debut at 13.625% on May 7. But by the end of the day no update had been given and the deal still had not been priced by last Friday night. Bankers confirmed on Monday ...

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