Investors back Lai Fung bond debut

Lai Fung issues the first China real-estate deal since the recent stockmarket turbulence.

Lai Fung Holdings, the China property arm of the Lai Sun Group, issued a debut fixed-rate $200 million seven-year bullet bond via joint bookrunners HSBC and Deutsche Bank on Friday. The deal marked the first China real-estate transaction since the recent stockmarket turbulence.

The BB1-rated, Reg S-bond priced at par at 9.125%, attracting just under $1.5 billion of demand, 85% of which came in at the tight end of the 9.125%-9.375% guidance range. In a similar strategy to the...

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