Renhe prints bond with 13% semi-annual coupon

Despite the recent sluggish performance of China's property market, Renhe's new issue achieves a sound performance, printing at par and trading up to 100.375 on its first day.

After two weeks of speculation about whether or not Renhe Commercial Property Holdings would return to the international bond markets, the Chinese property company priced a $300 million five-and-a-half year security with a 13% semi-annual coupon last Thursday evening -- less than four months after its last deal.

Rumours of a Renhe transaction initially surfaced in early August amid a flurry of property developers looking to come to market, including Country Garden and KWG Property. Facing an investor base that has had its fair share of high-yield property bonds to choose from this year, neither Country Garden's nor KWG Property's aftermarket performance matched analyst expectations.

However the performance of Chinese property bonds strengthened...

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