This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Country Garden Plans to Raise $1.03bn via Share Sale
November 19, 2021
Country Garden (COGARD) plans to raise HKD 8bn ($1.03bn) via a sale of 150mn shares. The shares will be sold at HKD 53.35/share, a discount of 9.5% to its Wednesday closing price of HKD 58.95/share. Proceeds from the share sale will be used for future acquisition opportunities, new business development and general corporate purposes, as per Bloomberg citing the term sheet. This is COGARD’s second share placement in six months after it raised HKD 10.5bn ($1.35bn) at HKD 75.25/share in May. Jun Rong Yeap, a strategist at IG Asia Pte said, “We are going to be seeing more of a scramble for capital in the near term, as the whole China Evergrande issue is bringing greater scrutiny from both regulators and investors on property developers’ liquidity challenges”.
COGARD’s dollar bonds were mostly higher with its 6.5% 2024s up 0.5 points to 100.5, yielding 6.27%.
For the full story, click here
Go back to Latest bond Market News
Related Posts:
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.