Guangzhou-based China Aoyuan Property Group raised $250 million from the dollar-denominated bond market on Monday, achieving tight pricing thanks to a supplydemand imbalance in offshore Chinese credit.
The B2B1B rated property developer captured a sizable order book of $2.1 billion for its Reg S deal, suggesting demand for Chinese assets remains as strong as ever.
The three-year issue represents the first Chinese deal in more than two weeks. It follows on the heels of Hanghzhou-based Greentown China, which sold a $400 million 5.5% perpetual bond in late March.
Hong Kong-listed Aoyuan seized a funding window after JP Morgan’s B-rated Asian Bond...