Fosun International, founded by Chinese billionaire Guo Guangchang, returned to the dollar bond market in style this week.
The company raised $800 million after becoming the first Asian issuer to test the waters after the Federal Reserve's 25bp interest rate hike on Wednesday, a widely anticipated move. But Fosun was also riding on the back of its own good news.
Moody's, the ratings agency, changed its outlook on Fosun from stable to positive in December, citing the group’s plan to sell two major assets a 50% stake in a property project in Shanghai and a 100% stake in a Ironshore, a US-based insurer purchased by Fosun...
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