Shui On closes investor-friendly senior perpetual

Shui On Land's $500 million senior hybrid is a good deal for investors. But perhaps less so for its lenders.

Shui On closes investor-friendly senior perpetual
Shui On's vision for the International Commerce Centre in Chongqing

Property developer Shui On Land priced a $500 million perpetual on Monday night, the second senior hybrid to price in the dollar space after China Longyuan Power late last week.

Cheung Kong Holdings has issued local-currency senior hybrids in Hong Kong and Singapore, but senior perpetuals had been rare in the dollar space until now.

Shui On’s bond, which is callable after five years, was investor friendly it offered a 300bp step...

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