Sole bookrunner Merrill Lynch allocated 65% of the bonds to Asia, and 35% to Europe, with funds receiving 75% of the total allocation, banks 7%, private banks 13%, and insurance companies 5%. 65 investors participated in the transaction.
ôGenerally, the deal performed well. Shanghai Zendai is lower-rated than other property deals, and the pricing reflects investor expectations. The borrower is also satisfied with the outcomeö, says a source close...
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