Greenland debuts Asia’s largest Reg-S high-yield bond

The builder of one of China’s tallest buildings has sold a $700 million bond – the largest for a first-time borrower in the sub-investment grade space – underscoring strong appetite for deal structures with extra investor protection.

Greenland debuts Asia’s largest Reg-S high-yield bond

Greenland Hong Kong Holdings has sold Asia’s largest ever Reg-S sub-investment grade bond for a debut issuer, joining the extensive list of Chinese developers that have raised cash in global capital markets since September.

The $700 million three-year note with a coupon of 4.75% comes at a rosy time for mainland developers, buoyed by China’s recovering housing market and strong investor demand for credits with keepwell deeds.

“Greenland is Asia's first non-public...

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