a-graceful-400-million-deal-for-agile

A graceful $400 million deal for Agile

HSBC and Morgan Stanley re-open China's non-investment grade market with a massively oversubscribed deal for Agile Property Holdings.
HSBC and Morgan Stanley priced the largest high-yield offering of an Asian property developer on Friday night when they completed Agile Property HoldingsÆ $400 million 7-year non-call 4 Reg S144a debut deal.

The Ba3BB rated deal represents the largest Chinese high-yield bond offering since 2004, and was the first Chinese high-yield deal to price since April when Ocean Grand Holdings was downgraded.

The leads were able to complete pricing at the tight-end of the revised 9%-9.25% price guidance and were able to translate a huge order book into a final deal size that was increased from $350 million to $400 million.

The leads ran roadshows in Singapore, London, Boston, New York, and New...
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