Poly attracts muted orderbook as investors stay selective

Poly Real Estate prints its debut $500 million, but has to pay a 30bp new-issue premium.

Poly attracts muted orderbook as investors stay selective
One of Poly's developments in Qingdao, described as an aristocratic seaside manor

Poly Real Estate, China’s second-biggest developer, has tested the waters with a $500 million debut bond, but investors’ reception to the deal proved that they remained cautious, particularly towards paper out of China. The deal attracted a muted order book of $1.5 billion.

“I think investors are rightly being very selective at present,” said one banker away from the deal. “They wanted to be compensated for the keepwell deed and macro concerns.”

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