Country Garden, one of the largest real estate developers in China, yesterday launched a tender offer to buy back its outstanding convertible bond which will become puttable in February next year. To pay for the buy-back, the company will issue new high-yield bonds with a seven-year maturity. A four-day roadshow to market the new issue will kick off in Hong Kong tomorrow.
Country Garden didn't say how much of the CB it wants to buy back or how large the new bond issue will be, but sources noted that the timetables for the two transactions have been set so that the size of the bond issue can be adjusted to correspond with the amount of...
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