Ping An, Dah Sing Bank tap dollar market

Ping An Real Estate's debut $300 million bond tests demand for unrated credit, alongside Hong Kong lender Dah Sing Bank's aggressively priced tier-2 bond.

Ping An Real Estate, the property investment arm of China's second-largest insurer by premiums, and Hong Kong lender Dah Sing Bank, tapped the international bond markets on Tuesday, taking advantage of a wane in US Treasury market volatility.

Unrated Ping An Real Estate issued its maiden US dollar-denominated bond, raising $300 million through a three-year Reg S deal. The sale came in the wake of high-yield developer Country Garden last week pulling its 10-year note due to averse market conditions. Hong Kong-listed Country Garden, which was seen as a bellwether of high-yield demand, had been marketing its dollar bond to yield at about 5.625%.

Investors are beginning...

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