Busy Friday: Franshion, Megaworld, Posco all price bonds

Franshion Properties and Megaworld raise a combined $700 million, while Posco prices its $700 million bond.
Franshion's Shanghai Jin Mao Tower
Franshion's Shanghai Jin Mao Tower

Franshion Properties, Sinochem Group’s flagship real estate developer, closed a $500 million 10-year bond late Friday night. The senior unsecured notes priced at a yield of 6.75% or a spread of 316.1bp over US Treasuries. Deutsche Bank, HSBC, Nomura and Royal Bank of Scotland were joint bookrunners.

The deal gathered an order book of $2.9 billion from more than 200 accounts. Investors in Asia bought 47%, Europe 39% and the US 14%. The notes were priced at par.

Hong Kong-listed Franshion is a 62.87%-owned subsidiary of Sinochem Hong Kong, which is 98%-owned by Sinochem Group, one of China’s key state-owned enterprises.

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