Renhe prints $300 million high-yield notes

After holding off on pricing amid the volatility in the markets, Renhe sold $300 million worth of senior five-year bonds last Thursday.

China property firm Renhe Commercial Holdings Company priced $300 million of senior five-year 144AReg-S bonds late Thursday. The bonds are set to mature on May 18, 2015 and will be callable after three years.

The bonds priced with an 11.75% semi-annual coupon and were re-offered at 99.080, which is equivalent to a 12% yield. Initial guidance was announced a day earlier May 12 in a range of 0.25 percentage points above or below 12%. At that time the bookrunners also flagged it as a benchmark-size bond. By Thursday the guidance was revised to 11.75% to 12% with the size of the deal confirmed at $300 million. In the end, the deal priced at...

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