China Overseas $1.5bn triple-tranche deal

The largest-listed mainland developer in Hong Kong wows with Asia’s first triple-tranche Reg S deal, targeting investors on the longer-end of the curve.

China Overseas $1.5bn triple-tranche deal

China Overseas Finance raised a mammoth $1.5 billion triple-tranche senior unsecured bond on Wednesday, extending down the credit curve into the 30-year space, as the need to build land banks increases amid a buoyant real estate market on the mainland.

Considered Asia’s first triple-tranche Reg S bond and the largest dollar-denominated China real estate bond on record, the transaction is split into equal volumes of $500 million in five-, 10- and 30-year tranches, according to...

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