investors-back-lai-fung-bond-debut

Investors back Lai Fung bond debut

Lai Fung issues the first China real-estate deal since the recent stockmarket turbulence.
Lai Fung Holdings, the China property arm of the Lai Sun Group, issued a debut fixed-rate $200 million seven-year bullet bond via joint bookrunners HSBC and Deutsche Bank on Friday. The deal marked the first China real-estate transaction since the recent stockmarket turbulence.

The BB1-rated, Reg S-bond priced at par at 9.125%, attracting just under $1.5 billion of demand, 85% of which came in at the tight end of the 9.125%-9.375% guidance range. In a similar strategy to the Korean Development Bank and Kexim, Lai Fung assured investors the bond would price within that range. ôThis is a pretty punchy strategy for a debut issuer, which takes encouragement and understanding,ö comments one source.

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