Yuexiu Property bonds widen amid talk of mis-pricing

Yuexiu Property, the company formerly known as Guangzhou Investment Company, prices an $850 million debut bond that sells off heavily in secondary.

Yuexiu Property bonds widen amid talk of mis-pricing

Chinese state-owned property company Yuexiu Property priced a $850 million dual-tranche debut bond deal late Wednesday night, but the bonds sank in secondary trade on Thursday, leading some investors to criticise the deal’s execution.

“I think there was a mispricing,” said one investor. “There were different expectations between investors and the leads about where the bonds were supposed to come at. I think it came too tight. It’s a case of bad habits dying hard...

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