China Aoyuan opens dollar bond market

The Hong Kong-listed property developer got huge demand for the first Asian dollar bond of the year.

China Aoyuan Property became the first Asian issuer to tap the dollar bond market in 2017, raising $250 million from a three-year benchmark bond on Wednesday.

The B2BBB- rated developer built an impressive order book of $2.5 billion at peak level, as investors brushed off cooling measures in China that could hurt home sales and reduce onshore liquidity.

But China Aoyuan was tapping the market at a good time, turning to investors less than a week after Fitch upgraded the company. The ratings agency boosted China Aoyuan’s rating to BB- from B, pointing to strong sales, smart land acquisitions, and strong...

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