Chinese property developer Mingfa Group International was in the market on Monday night with a $150 million Hong Kong dollar-denominated convertible bond that would have brought the total number of Asian equity-linked transactions in January to five. However, shortly after 3am yesterday morning Hong Kong time joint bookrunners HSBC and UBS informed investors that the deal had been postponed.
The announcement came as a bit of a surprise since the order books had closed around 11pm with sufficient demand to cover the transaction at the investor-friendly end of the terms. But according to sources, the company subsequently decided that it didn’t want to issue the CB at those terms, hoping perhaps that the nervousness in...
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