CCRE boosts yield to rescue bond sale

Central China Real Estate priced a $200 million bond this week. But it had to pull the deal back from the brink of collapse amid tough market conditions and claims of overly aggressive pricing.

CCRE boosts yield to rescue bond sale

Central China Real Estate CCRE raised $200 million from a five year non-call three bond on Tuesday, but only after abandoning a plan to price inside its own curve.

The company approached investors on Monday morning with price guidance of “the 6% area” for its five-year bond, which featured a call option after three years. But despite a plan to price the deal overnight, the books were still open the following morning.

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