Nine Dragons Paper said yesterday that it will buy back a total of 58% of its 7.875% senior bonds due 2013 after its month-long buyback tender closed at the end of London trading on Monday. This is only marginally more than the 57% acceptance rate that it achieved before the original early tender deadline in February and confirms that investors who are interested in cutting their losses by selling back bonds at a reduced price will typically make up their minds early.
Or looking at it another way, investors who decided to hold on to the bonds could not be swayed even after the company confirmed that more than half of the outstanding bonds would...
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