China Resources Land returns with $250 million tap

China Resources Land returns to investors with a $250 million tap that offers a hefty new-issue premium.

China Resources Land returns with $250 million tap
A construction worker in China, where policymakers have been trying to rein in soaring property prices (AFP)

China Resources Land CRL returned to the market yesterday with a $250 million tap on its recent $750 million five-year bond, which priced in May, increasing the total issue size to $1 billion. HSBC was a global co-ordinator. HSBC, BOCI and DBS the same arrangers for the deal in May acted as joint bookrunners.

The deal gathered a strong order book of $3 billion with 168 accounts participating. Asian investors were allocated 76% and...

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