Agile prices $300 million bond with 10.5% yield

The deal prices significantly inside fellow Chinese property developer Country Garden, which reopened the high-yield market with a $300 million deal in September.

Agile Property Holdings yesterday raised $300 million from a high-yield, seven-year bond issue that defied the challenging conditions that are plaguing both the debt and equity markets at the moment to achieve an order book of almost $1 billion.

The company never moved away from its initial guidance of around 10.5% and priced the deal with a 10.5% yield. This was roughly on par with fellow Chinese property developer Shimao Property, whose similarly rated 2016 bonds were trading at a...

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