Shui On returns with second synthetic offshore RMB bond

Shui On Land gathers more than Rmb17 billion of orders for its Rmb3.5 billion synthetic offshore renminbi bond -- its second tap of this market in just over a month.

Shanghai-headquartered Shui On Land last night priced Rmb3.5 billion $531 million of four-year synthetic offshore renminbi bonds.

The deal is the property developer’s second visit to the market in just over a month. It priced its inaugural Rmb3 billion three-year renminbi-denominated, US dollar-settled bond -- the very first deal in that format -- in mid-December last year.

As with the first trade, Deutsche Bank, Standard Chartered and UBS were joint bookrunners.

This latest four-year Reg-S bond was...

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