parkson-bond-closes-13-times-oversubscribed

Parkson bond closes 13 times oversubscribed

Despite high levels of demand, the issue from the Chinese retailer prices at favourable levels for investors.
Parkson, one of the largest foreign-owned retailers in China, raised $125 million last night via a Reg-S, five-year senior note with final books closing 13 times oversubscribed at $1.65 billion. As a result, the deal priced within just 36 hours of announcement.

The BBBa1 offering closed with a coupon of 7.125%, pricing at revised guidance, from an earlier indicated range of 7.125% to 7.25%, via sole bookrunner JPMorgan. The bond broke syndicate last night, trading up over 101.00% in the secondary market.

A total of 74 accounts participated in the transaction, with 74% of the bonds selling to Asia, 23% to Europe and 3% to US offshore. 40% of the bonds were allocated...
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