High-yield issuers are back in force with new US dollar bonds, indicating that secondary market valuations have finally returned to attractive levels for fixed income investors.
Chinese property sector dollar bonds came under massive pressure in the secondary market as Evergrande raised $1.8 billion in a new deal which priced at a significant premium to its outstanding bonds.
Booming market gets another boost as China’s third-largest home seller pulls off $2.3 billion convertible bond issue. But lacklustre demand initially saw the deal undergo a last-ditch restructure.
China’s new rule banning irrational overseas acquisitions is set to hurt private companies hoping to diversify their businesses. But that may not necessarily be a bad thing.
The Chinese property developer has agreed to acquire a further 17.28% stake in Shengjing Bank, continuing its buying spree in the face of mounting debt.