China Resources Land bond

China Resources Land beats choppy markets with debut bond

China Resources Land prints a five-year $750 million debut bond, surprising the market with its choice of a shorter tenor. GCL-Poly and Lonking Holdings line up.
<div style="text-align: left;">
Song Lin, chairman of China Resources Land (AFP)
</div>
<div style="text-align: left;"> Song Lin, chairman of China Resources Land (AFP) </div>

China Resources Land priced a $750 million five-year debut bond early Friday morning. The bonds priced at Treasuries plus 290bp, at the tight end of guidance, which was in the area of Treasuries plus 295bp, and 10bp inside the whisper of Treasuries plus 300bp.

There was some surprise that the company chose to go for a five-year tenor, rather than the expected 10-year. According to one person familiar with the deal, there was sufficient demand to support the longer tenor, but the company was focused on printing a five-year deal.

Equities closed lower on Thursday, reflecting the difficult market conditions. Five-year US Treasury yields stood at 1.94%...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222