Powerlong builds on firmer high-yield sentiment

Chinese property developer becomes the third company in as many weeks to access the international bond markets.

Chinese property developer Powerlong Real Estate Holdings returned to the international bond markets for the first time since 2013 on Thursday with a new issue to re-finance an earlier deal. 

The B3B- rated $200 million transaction represented the third offering from a Chinese property company in as many weeks. However, the three-year Reg S deal did not attract the same high level of demand as its predecessors, with the order book closing just above $800 million, according to sources close to the deal.

Recent deals by Future Land and Beijing Properties both achieved order books in excess of $2 billion but the drop-off in demand...

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