High-yield back as Yuzhou closes heavily subscribed bond

Fujian-based developer Yuzhou Properties attracts a $9 billion book for its $250 million high-yield bond.

Yuzhou Properties demonstrated last night that the high-yield market is alive and kicking after pricing a $250 million deal.

The five-year non-call-three bond priced at 11.95%, at the tight end of the 12% plus or minus 5bp final guidance and a significant 55bp inside the initial guidance of 12.5%.

The deal attracted an order book of $9 billion 35 times more than was on offer. Bankers away from the deal have commented...

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