Road King Infrastructure Finance has priced Rmb2.2 billion $360 million of senior Reg-S notes, the largest-size issue in the currency from the issuer.
The three-year notes pay a 6% coupon, the tight end of guidance due to huge demand from investors. Guidance was initially set in the area of 6.375% at deal launch, and then narrowed to 6%-6.125%. The maturity date has been set to December 3, 2016.
One source mentioned that the closest comparable to Road King’s notes are Yanlord Land’s Rmb2 billion 5-year bonds issued in May. Yanlord is rated BB by both Moody’s and SP, whereas Road King is rated B1 by Moody’s...
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