Shanghai Zendai readies $150 million five-year bond
The property company is expected to pay a premium to investors after recent deals from China trade down.
Shanghai Zendai Property is preparing to launch its $150 million five-year fixed Reg-S bond tomorrow, having already drummed up a healthy order book, according to sources.
The deal, sole-managed by Merrill Lynch and rated B2BB, is expected to price in the 10% range, plus or minus 12.5bp, but investors are likely to demand a significant premium due to the disappointing performances of Lai Fung and China Property earlier this year. The China Property transaction attracted high levels...
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