Golden Wheel greases the high-yield bond market

Nanjing-based developer launches a debut dollar bond to a muted reception.

Chinese real estate developer Golden Wheel Tiandi raised $100 million from its first offshore bond offering on Tuesday.

The BB rated deal originated from reverse enquiry demand and was launched off the back of the positive sentiment generated by the International Monetary Fund's decision to add the Renminbi to its reserve currency basket.

It represents the fourth offering from a Chinese homebuilder in the past few weeks after B1B rated Future Land ended the recent hiatus in the Asian high-yield market with a $250 million two-year deal.

However, there was a very big difference in the reception to the two deals....

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