The end of last week saw continued bond issuance from Asian property companies. But the two transactions, one high-yield and one investment grade, were a contrast in demand and performance.
First, the winner. Longfor Properties, a leading mainland Chinese firm, raised $750 million in a heavily subscribed five-year deal on Thursday.
The Regulation-S144a issue pays a 9.5% semi-annual coupon and was re-offered to investors at par. The final maturity date is April 7, 2016, but the issue can be called by Longfor at 104.75 and 102.375 after three and four years respectively.
The senior unsecured notes are...