China Resources Land returns with $250 million tap

China Resources Land returns to investors with a $250 million tap that offers a hefty new-issue premium.
<div style="text-align: left;">
A construction worker in China, where policymakers have been trying to rein in soaring property prices (AFP)
</div>
<div style="text-align: left;"> A construction worker in China, where policymakers have been trying to rein in soaring property prices (AFP) </div>

China Resources Land CRL returned to the market yesterday with a $250 million tap on its recent $750 million five-year bond, which priced in May, increasing the total issue size to $1 billion. HSBC was a global co-ordinator. HSBC, BOCI and DBS the same arrangers for the deal in May acted as joint bookrunners.

The deal gathered a strong order book of $3 billion with 168 accounts participating. Asian investors were allocated 76% and European investors 24%. By investor type, fund managers were allocated 59%, insurers 16%, private banks 13%, banks 8% and others 5%.

Investors piled into the deal, thanks in part, to the generous...

¬ 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