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

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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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