country-garden-falls-victim-to-volatility

Country Garden falls victim to volatility

Further deterioration in the markets leads the underwriters of Country Garden's ambitious $1.5 billion deal to delay the offering.
Country Garden's $1.5 billion bond deal, which would have been the largest offering ever by a Chinese property developer, has been delayed following a further deterioration in markets on the back of rekindled concerns regarding the US subprime crisis.

ôMarkets are challenging. Any issuer now has got to watch the markets and wait for things to stabilise before they determine how, when and if they approach the markets,ö says a syndicate banker not involved in the trade.

Bookrunners Bank of China, Citi, Deutsche Bank, JPMorgan, HSBC, Morgan Stanley and UBS had already announced on Wednesday that the company was likely to price a $1 billion bond, instead of the $1.5 billion offering expected...
¬ Haymarket Media Limited. All rights reserved.

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