Agile joins Chinese offshore property bond rush

A wave of Chinese property firms has issued offshore US dollar bonds since the start of the year. Agile Group and Zhenro Properties are the latest to test the market.

Agile Group became the latest to join a long list of Chinese property developers in issuing offshore bonds in order to capitalise on the stronger investor sentiment for high-yield credit compared to last year.

The BBBa3 rated residential property developer raised $500 million from a three-year senior note at the end of Thursday that was met with over $2 billion worth of orders at peak.

The 2022s, callable after two years, were offered at an initial guidance of 7% before tightening by 30 basis points during the bookbuilding process on Thursday to settle at a final yield of 6.7%, making it one of the lowest-yielding...

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