Neo-China outsmarts bond market
Adding warrants to its bonds allows the Chinese property developer to price a $400 million transaction in a hostile market.
Last week a number of market commentators questioned Neo-China GroupÆs ability to pull off a seven-year 144a, Reg-S debut dollar bond offering. But thanks to an innovative structure devised by Bank of China and Deutsche Bank, the Chinese property developer managed to clear $400 million early Friday morning in a market that saw deals around the globe pulled due to exceptionally poor conditions.
To illustrate, the crossover index û a benchmark for US five-year CDS for crossover credit û closed...
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