Shanghai-headquartered Shui On Land last night priced Rmb3.5 billion $531 million of four-year synthetic offshore renminbi bonds.
The deal is the property developer’s second visit to the market in just over a month. It priced its inaugural Rmb3 billion three-year renminbi-denominated, US dollar-settled bond -- the very first deal in that format -- in mid-December last year.
As with the first trade, Deutsche Bank, Standard Chartered and UBS were joint bookrunners.
This latest four-year Reg-S bond was...