greentown-follows-ipo-with-succesful-dollar-bond-debut

Greentown follows IPO with succesful dollar bond debut

Leads JPMorgan and UBS generate huge demand on a debut bond for the mainland developer to complete an upsized deal at the tight end of revised guidance.
Following up its IPO in July, property developer Greentown China Holdings priced an upsized $400 million debut global bond offering via joint leads JPMorgan and UBS on Friday November 3. The deal prices at the tight end of guidance despite wider US treasuries and a revised downward outlook for comparable Chinese property company Hopson.

Launched at $375 million, the leads announced initial guidance at midday on Thursday November 2 in the 9.125% region, usually translating to a plus or minus of 0.125%. However as the Reg S144a seven-year non-call four deal built up momentum, particularly from US accounts, the leads tightened guidance to 9% to 9.125%, with a revised size of $375...
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