Yanlord Land prices $300 million high-yield bond

Yanlord Land Group relies on its strong credit fundamentals to become the latest Chinese developer to sell high-yield bonds offshore, even as the market worries about tightening Chinese regulations to curb property speculation.

Yanlord Land Group has become the sixth Chinese property developer to price in the international bond markets this year. Yesterday morning, the company sold $300 million of debt with a 9.5% fixed-rate coupon. The bonds were issued at par for a yield of 9.5% as well. The Reg-S144A high-yield securities have been set to mature on May 4, 2017 and will be callable after four years.

Moody's has issued a Ba2 rating on the securities, while Standard and...

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