China SCE Property Holdings, a Hong Kong-listed mainland property developer, returned to the international bond markets at the start of the week, selling a $200 million five non-call three-year bond.
The company turned to investors less than a week after credit ratings agency Moody’s revised its ratings outlook to stable from negative, following a bumper year that pushed its profits up by 55.6%.
But although the company's own fortunes are improving, it was by no means the perfect window to tap the bond market. Investors have, rather belatedly, become more defensive about adding dollar bonds to their portfolios, pointing to the near-certain odds of a...
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