A tale of two property bond issues

Longfor Properties and Kerry Properties both tapped the dollar bond market at the end of last week, but they experienced contrasting fortunes.

A tale of two property bond issues

The end of last week saw continued bond issuance from Asian property companies. But the two transactions, one high-yield and one investment grade, were a contrast in demand and performance.

Longfor Properties

First, the winner. Longfor Properties, a leading mainland Chinese firm, raised $750 million in a heavily subscribed five-year deal on Thursday.

The Regulation-S144a issue pays a 9.5% semi-annual coupon and was re-offered to investors at...

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