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Guangzhou R&F Properties Co. created a new five-year benchmark

January 07, 2014 | Cbonds

The bond of property developer is being offered to yield 8.75%, while the company, rated Ba3/BB—/BB, has an outstanding bond due in January 2020 that is bid at 8.8%. Given that the one-year extension is worth 25bp for the Treasury curve alone, one analyst argued that fair value for the new bond was closer to 8.5%.

Yet, investors are sensitive. One portfolio manager said that at 8.75%, R&F is still interesting, but if it tightens by 20bp, as has become the norm for heavily demanded bonds, “it will start looking expensive”.

Company: Guangzhou R&F Properties

Full company nameGuangzhou R&F Properties Co Ltd
Country of riskChina
Country of registrationChina
IndustryConstruction and development


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