Greenland debuts Asia’s largest Reg-S high-yield bond

The builder of one of China’s tallest buildings has sold a $700 million bond – the largest for a first-time borrower in the sub-investment grade space – underscoring strong appetite for deal structures with extra investor protection.
Greenland is one of the top three homebuilders in China.
Greenland is one of the top three homebuilders in China.

Greenland Hong Kong Holdings has sold Asia’s largest ever Reg-S sub-investment grade bond for a debut issuer, joining the extensive list of Chinese developers that have raised cash in global capital markets since September.

The $700 million three-year note with a coupon of 4.75% comes at a rosy time for mainland developers, buoyed by China’s recovering housing market and strong investor demand for credits with keepwell deeds.

“Greenland is Asia's first non-public company to successfully issue under a keepwell deed, which is a strong testimony of Chinese issuers’ access to capital markets with this structure,” said a source close to the deal. “It is also the largest...

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