CCRE shows there's still demand for China property bonds

Central China Real Estate’s $300 million issue is six times subscribed, proving that investors still have an appetite for high-yield Chinese property bonds.

With a strong reception for its B-rated bonds, Central China Real Estate has proved that high-yield credits from the China property sector are still in demand. Taking advantage of a relatively quiet period in the primary market recently, the Reg-S144A notes attracted $1.8 billion of demand from 150 accounts -- the largest ever order book amassed by a single-B-rated Chinese property name. The deal size was set at $300 million, meaning the issue was six times covered. 

The five-year notes were issued with a 12.25% coupon and were re-offered at par for a yield of the same amount. The bonds mature on October 20, 2015 and are callable...

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