Indebted Sunac China works hard to sell $1b bond

The Chinese property developer offered an attractive pickup versus Evergrande to attract yield-hungry investors and hired an array of bankers to eke out $2.2b worth of demand. Still the bonds traded down in the after market.

Sunac China knew it would be hard work to sell $1 billion-worth of bonds given the recent scrutiny of its string of acquisitions, the fact it was on credit-watch negative and an eye-popping leverage ratio. So it took no chances.

¬ Haymarket Media Limited. All rights reserved.

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