| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Bond Market News

Country Garden Plans to Raise $1.03bn via Share Sale

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

Related Posts:
Registered office: 8 Marina View, #43-062 Asia Square Tower 1, Singapore 018960
© Copyright BondbloX 2023, All Rights Reserved.