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%...
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