New World China Land raises $325 million from re-priced CB

The developer is forced to double the yield on the renminbi-denominated bonds to appease investors.

New World China Land raised approximately $325 million from a renminbi-denominated, US dollar settled, convertible bond at the end of last week, adding to the recent slew of fund raisings by real estate developers focusing on Mainland China.

The CB, which was arranged by Deutsche Bank, wasnÆt without controversy, however, as the original yield had to be doubled before investors agreed to commit to the offering.

This was the first CB of size to be launched in the international...

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