Evergrande Real Estate sold a downsized $1 billion five-year bond on Tuesday night that is callable in year three, signalling continued poor investor sentiment towards the broader Chinese property sector despite ebbing concerns towards Kaisa.
The Guangdong-based Chinese developer, which launched the deal with final guidance fixed at 12% on Tuesday morning, downsized the offering from an initial target size of $1.5 billion, suggesting the pricing was far more aggressive than anticipated.
We haven't seen this type of marketing strategy for a while, said Oscar Chow, head of Asia credit research at Mitsubishi UFJ Securities Hong Kong to FinanceAsia. They should've come out with...
¬ Haymarket Media Limited. All rights reserved.
