Not so grand

摘要

In normal circumstances, raising close to US$2bn in the high-yield bond market would be cause for celebration. China Evergrande, however, might want to hold off on the baijiu after its latest offshore financing. Having raised four-year money at 6.25% 16 months ago, the 11%-13.75% yields on last week's new issue are a painful lesson that international capital can be extremely expensive. What's more, Evergrande's chairman had to stump up USS1bn to support the US$1.8bn offering.