Shanghai Zendai prices bond to yield 10%

The Chinese property company prices its bond at the mid-range of guidance, closing over three times subscribed.

Shanghai Zendai took on board investor feedback last night, by pricing its B2BB rated $150 million five-year fixed Reg-S bond at a double-digit yield of 10%, or 519bp over Treasuries. With an order book of $500 million, the transaction was over three times subscribed.

Sole bookrunner Merrill Lynch allocated 65% of the bonds to Asia, and 35% to Europe, with funds receiving 75% of the total allocation, banks 7%, private banks 13%, and insurance companies 5%. 65 investors...

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