Country Garden reopens Asia HY bond space

The Chinese property developer launches a $900 million bond for refinancing purposes, breaking the Chinese New Year dollar supply drought.

Country Garden sold a $900 million five-year bond that is callable in year three late on Thursday, breaking the high-yield bond silence prompted by the Chinese New Year holidays.

The latest offering which this time only targeted Reg S investors priced at a yield of 7.5%, which is 37.5 basis points tighter than its initial price guidance area of 7.875%, according to a term sheet seen by FinanceAsia.

The funds raised will be used by Country Garden to refinance its $900 million 11.125% notes, which are due in 2018 but callable next month, as well as other existing debt, a source familiar with...

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