china-property-prices-largest-chinese-highyield-bond-this-year

China Property prices largest Chinese high-yield bond this year

The real estate developer's debut bond prices at the tight end of final guidance.
On Friday, China Property priced its BB1 $300 million Reg-S144a seven-year non-call-four deal at the tight end of final guidance 9.125%-9.24%, initially 9.25%-9.5%. The deal, which was managed by Merrill Lynch, marked the largest Chinese public high-yield bond this year.

The order book was 10 times oversubscribed, amounting to $3 billion in demand and comprising over 200 accounts. The number of investors that were actually allocated bonds was undisclosed. In terms of geography, 50% of the bonds were allocated to Asia, 30% to Europe, and 20% to the US. Investor type breakdown was as follows 65% to funds and asset managers, 15% to banks, 7% to insurance companies, and 13% to...
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