Future Land slashes interest costs with dollar bond

The Chinese property company will pay half what it does on one outstanding bond after taking advantage of buoyant high-yield demand.

Future Land Devlopment, which has two potential bond redemptions looming this year, turned to bond investors this week in part because it wanted to raise money to pay back debt.

It clearly picked a good time to do so the company's new $350 million deal will cost it just half as much as one of its other outstanding deals.

Bankers working on the deal approached investors in early morning trading on Thursday, pitching a three-year bond with guidance in the 5.625% area. That was pushed down to between 5.125% and 5.25% after strong demand, and the deal eventually priced at the bottom of that range.

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