market-window-opens-for-coastal-greenland

Market window opens for Coastal Greenland

The Hong Kong-listed property developer finds a window in the market to issue its $100 million high-yield deal.
Coastal Greenland, the Hong Kong-listed Chinese property developer, raised $100 million on Wednesday through a five-year non-call-three bond-with-warrants transaction rated B2B. The deal, which marked the issuerÆs debut in the public market, was managed by HSBC.

ôWe saw a period of stability ahead of the FOMC meeting in the early part of the week, says one source. Most people were expecting a 25bp cut in the Fed rate on Wednesday, and probably a relief rally following that, which allowed the execution of the deal. This market is all about finding a window, and when it opens, you need to jump in.

Market commentators agreed that the equity sweetener was essential to getting...
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