China Overseas Grand Oceans irks investors

The Chinese developer revises its change of control clause after marketing its debut dollar bond.

China Overseas Grand Oceans’ debut dollar bond met with some resistance from investors when it tried to tap the market on Tuesday, forcing the Hong Kong-listed property developer to revise its offering documents

The main grouse for investors was the conspicuous lack of a change-of-control clause to protect them if China Overseas Grand Oceans' biggest shareholder, state-owned China Overseas Land Investment (COLI), ever tried to slash its stake in the company  The omission was all the more conspicuous given its inclusion in some of the firm's other outstanding securities

The five-year dollar benchmark bond was initially marketed to investors on Tuesday morning at US Treasuries plus 350bp, with pricing expected as early as later that day

One Singapore-based investor said...

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