Mingfa completes $200 million CB on second attempt

The Hong Kong dollar-denominated deal offers a higher coupon and yield compared with the last attempt, but having hit the market just before S&P revised down its outlook on the US, the bonds still dip below par in the aftermarket.

Mingfa completes $200 million CB on second attempt

Chinese property developer Mingfa Group International on Monday night returned to the market with a revamped version of the five-year Hong Kong dollar-denominated convertible bond that it pulled at the end of January, and this time it was more successful.

Indeed, the Hong Kong-listed company was able to raise the full HK$1.56 billion $200 million that it aimed for. Last time sources said there wasn’t sufficient demand to exercise the $50 million upsize...

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