Aoyuan on how to roll over China bond approvals

The Guangzhou-based property firm demonstrated the flexibility of China’s bond regulator, selling a bond after its approval had officially expired. Here is how it did it.

China Aoyuan was the first Asian issuer to tap the international bond markets this year, drawing impressive demand for its $250 million three-year note. By the end of marketing, the issuer had generated enough demand to sell the deal eight times over.

Successful deals tend to get plaudits for only a few days before they get replaced by the new hot issue. But China Aoyuan’s deal has continued to be discussed by investors and bankers. That is because the deal tested the boundaries of China’s notoriously hard-to-please bond regulators.

China Aoyuan came to the dollar bond market in January without official approval from the National...

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