Guangzhou R&F prices first renminbi-dollar dual-tranche bond

Guangzhou R&F, a leading Chinese property developer, raises $550 million in dual-tranche notes denominated in both renminbi and dollars.
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R&F City Villa, the first project R&F Properties undertook in Beijing
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<div class="ArticleImageCaption" style="text-align: left;"> R&F City Villa, the first project R&F Properties undertook in Beijing </div>

Guangzhou R&F, a leading Chinese property developer, raised $550 million last week in the first ever dual-tranche US dollar and offshore-renminbi (CNH) bond deal. Although both tranches were oversubscribed, the bigger size of the CNH offering gave an indication of where the predominantly Asian investor base saw the best value. In contrast, the dollar notes offered limited potential upside.

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