Sino-Ocean Land prices $1.2b bond

The company is the first Chinese property developer to launch a dual-tranche debt offering, defying market fears towards a sector that is seeing increasing defaults.

Sino-Ocean Land prices $1.2b bond

Sino-Ocean Land raised $1.2 billion from a dual-tranche bond on Wednesday, breaking through the gloom that has beset the Chinese real estate sector in recent weeks and which continues to cast a pall.

The developer, which operates primarily across China’s so-called Tier-1 and Tier-2 cities, raised a $700 million five-year and $500 million 12-year note.

The five-year tranche priced at US Treasuries plus 340 basis points, which...

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