China's Future Land ends high-yield drought

The Jiangsu-based developer becomes the country's first high-yield issuer in three months, while ICBC executes a $1 billion deal.

Hong Kong-listed property developer Future Land Development on Thursday became the first Chinese high-yield issuer to enter the high-yield debt markets since July with a $250 million two-year bond.

Supply from Chinese property credits has dropped significantly this year. International investors have been concerned about default risk, while developers have been able to raise funds much more cheaply onshore since Premier Li Keqiang allowed them to sell bonds in the domestic market from January.

This lack of supply helped Ba3B1 rated Future Land to attract an order book of $2.7 billion, according to two sources close to the deal....

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