Kaisa brings CB with 8% coupon

The $225 million issue of renminbi-denominated convertible bonds follows a $350 million high-yield bond from the Chinese property developer earlier in the year.

After a drought of three weeks, the Asian convertible bond market sprung back to life last night with a new deal for Kaisa Group Holdings. The Chinese property developer sold Rmb1.5 billion $225 million worth of five-year CBs with a three-year put, which will pay investors a hefty coupon of 8%. The bonds are settled in US dollars.

Shenzhen-based Kaisa, which counts Carlyle and Temasek among its pre-IPO investors, focuses on urban development, including large-scale residential properties and integrated commercial properties in the Pearl River Delta, Shanghai and Jiangyin in the Yangtze River Delta region, Chengdu in the Chengdu-Chongqing region and Changsha in central China.

It listed in Hong Kong just shy of a year...

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