Country Garden returns but bond raises questions

The property firm returns to the dollar bond market this week, pulling off a deal it was forced to abandon in November. But unlike the last attempt, the company's latest bond sells under the radar.

Chinese property company Country Garden raised $350 million from a 10-year bond on Wednesday evening, structuring the deal with call and put options after five years and paying a coupon of 5.625%.

The company had attempted the same structure in the middle of November, raising eyebrows among investors and analysts with the relatively unusual addition of the put options. But the deal got a tepid response, thanks in part to the risk aversion that followed the election of Donald Trump, and Country Garden promptly backed away.

Asia’s credit markets have calmed down since then, allowing a raft of Chinese issuers to sell bonds  albeit with...

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