$180m (20m) sen unsec cb coming tonight from CS. Terms: 2.25%-2.75% up 30-35%, put 3y, full pctns, UOP = 20m stk buyer back/$50m 4 cb hedge/gcp. SFUN & EJ represent the second wave of smaller Chinese credits to tap our markets. $1.7B real estate internet service biz with stock +2.6x since 04/13. Lets compare
Qihu = L+546 (2.76y) using 38 vol
Sina = L+463 (2.96y)
Ctrp = L+482 (2.85y) both using 35 vol. Bigger SFUN came 2% +40% last week & now x/par +39.8% & back out L+773/L+925 for 3y (35/40 vol respectively)
PF Cash = 321m
Debt = 180m
EBITDA tough w/no cash flow filinf since 12/12. We’ll use L+800.
Brw very thin but there is u/w facility so we’ll use GC/ ADV = 880k no leaps
1yr 100d = 80%
We’ll assume 35%. Theo = 103.9
SFUN struggles
FNSR/POST struggling this am