Greater China property groups cement strong demand

Swire Properties and local government financing vehicle Jiangsu NewHeadLine Development lead a strong charge into the Asian bond markets.

Two borrowers from opposite ends of the Greater China credit spectrum accessed the international bond markets on Wednesday, in a first test of investor sentiment since the US Federal Reserve lifted interest rates in December.

Issues for Hong Kong stalwart Swire Properties and debut borrower Jiangsu NewHeadLine Development Jiangsu NHL both caught a positive market window, benefiting from a re-bound in Chinese equities markets over the course of the trading day.

However, the sheer scale of demand for Jiangsu NHL's high-yield deal is likely to have cheered bankers and issuers alike. Books came close to $2 billion towards the end of the bookbuilding process...

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