Guorui Properties scores on bond debut

Fed schmed. Guorui Properties sells a tightly-priced three-year bond just ahead of US interest rate meeting.

Guorui Properties, a Guangdong-based property developer, sold a tightly-priced three put two-year bond on Tuesday, raising $300 million from its debut in the US dollar market.

The Reg-S deal was launched ahead of the US Federal Reserve’s two-day monetary policy meetings, which investors are closely watching in an anticipation of a near-certain rate hike as well as for crucial clues about how quickly US interest rates will go up in the future. The futures market is now pricing in a more than 90% chance of a 25bp hike.

The single B-rated company defied what could have been a difficult period, generating more than $1.4 billion of orders...

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