Yield hike and anchors make it second time lucky for Jingrui bond

By Isabella Zhong
07 Aug 2014

Extensive preparation and cheaper pricing saw Jingrui Holdings to the finish line when the single-B rated property re-attempted a debut dollar issue on Friday, August 1. The Chinese borrower had returned to the drawing board after its first stab at the five year non-call three offering in May failed to garner enough investor interest, writes Isabella Zhong.

This time around, initial guidance for the B3/B rated Reg S deal was set at the 14% area, 37.5bp wider than what the borrower offered when it approached the market with the same deal on May 7.

“The key thing was that it was willing to ...

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