Fosun pulls debut bond

Poor market conditions foil Mainland property developer''s plan to launch debut high-yield bond.

Chinese conglomerate Fosun International has been forced to make a tactical withdrawal after volatile markets made it impossible to deliver the kind of size or pricing it was looking for. Plans for a US$500 million seven-year offering were effectively scratched within hours of pricing yesterday October 13.

Leads Citigroup and Morgan Stanley had expected to price the deal last week at an indicative pricing range of 8.50% to 9%, but delayed as the Asian high-yield and emerging markets continued to struggle.

With the market not returning to a level the leads and issuer were comfortable with, the decision was made to pull back the offering...

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