Greenland saves over 100bp on new Safe rules

The state-owned Chinese developer raises a $1 billion dual-tranche bond — the first new offshore guaranteed instrument from the mainland after policy reform.

Greenland saves over 100bp on new Safe rules

Chinese property developer Greenland Holdings sold a $1 billion dual-tranche bond on Wednesday, making use of the recent relaxation of rules governing cross-border guarantees in China.

The rules part of China’s attempts to loosen capital controls became effective on June 1 and allow onshore companies to merely register cross-border payment guarantees with Safe rather than seek the regulator’s approval.

Previously the regulator rarely approved offshore funding using explicit guarantees deemed much safer...

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