Nomura
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Softer markets caught Central China Real Estate off guard this week, with the leads forced to increase pricing after launch to get its deal away. The deal highlights a shift in pricing for high yield property developers at a time when supply is set to increase, writes Addison Gong. -
Nomura's former EMEA FIG syndicate head will be joining Royal Bank of Scotland, according to two market sources.
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Central China Real Estate wrapped up an unconventional two-day bookbuilding for its new bond on Tuesday. Investors had turned their backs to the original aggressive pricing, forcing the leads to price the deal 75bp higher than the initial guidance.
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Central China Real Estate has extended bookbuilding for its bond by one day after experiencing lukewarm demand. A combination of a volatile market backdrop, the company’s weakened financial performance and overly ambitious price guidance put investors off from committing.
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Central China Real Estate is looking to raise dollar funding to mainly refinance Singapore dollar notes sold in 2014.
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The demand for duration reached fever pitch this week as Austria sold the longest dated eurozone government bond ever and a trio of other public sector borrowers printed their longest dated syndications to date. But that momentum towards length may have been halted by a shuddering sell-off in eurozone and other government bonds on Thursday.
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The UK Debt Management Office laid down a strong marker for its host country with a super smooth syndication on Tuesday that attracted a strong showing from international investors and a record book.
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Seven deals launched Thursday as issuers came out in force to raise money ahead what is expected to be greater market uncertainty in November.
