Oceanwide Real Estate International sold a debut $320 million five-year bond on Monday, beefing up its warchest as it looks to plough more investments into the US market.
The Reg-S offering, which is callable in year three, is the first Chinese property high-yield bond to hit international debt capital markets after a month-long earnings season hiatus.
Oceanwide's note, its first ever, is guaranteed by its onshore parent and offshore 100%-owned subsidiary, Oceanwide Holdings Hong Kong. The developer’s onshore parent, which owns 73.67% of Oceanwide, has provided a keepwell deed to ensure sufficient liquidity for timely payment of the notes.
“The presence of...
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