KWG pays up for $350 million bond

Brace yourself for more new issues. A flurry of investor meetings for Megaworld, Winsway and Woori Bank are set to hit the market.
China property developers are still raising funds
China property developers are still raising funds

On Wednesday night, PRC real estate developer KWG Property priced a $350 million five-year non-call three bond. The notes were bid at 100.375 in secondary markets yesterday, slightly above the par issue price.

The company offered investors an attractive new issue premium a sign that China property issuers need to pay up if they want to raise funds. The guidance was for a yield in the 12.75% area and that was where the deal was finally priced. The total book-size stood at $1 billion from more than 110 accounts.

“It was a good headline order book, and should have been given a pretty attractive...

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