Yanlord: Announced that it is launching a USD bond offering and has appointed 3 banks (HSBC, JP Morgan, RBS) as joint lead managers and book runners for the offering. The bonds will be guaranteed by certain grp subsidiaries and are expected to be launched, subject to mkt conditions, after a global roadshow starting today….
Grp will be meeting potential investors in SG and HK this week, followed by the US and UK next week. Grp declined to reveal more info on the proposed bond offering. Grp's cash and cash balances as at end Dec'10 stood at Rmb5.81b, representing a comfortable Net Gearing of 22.7x. At current price, grp trades at 1.13x P/B and 1x P/RNAV, street generally has a mix view between Buy and Hold Calls, with a mean TP of $1.80.
No comments:
Post a Comment