shanghai-zendai-readies-150-million-fiveyear-bond

Shanghai Zendai readies $150 million five-year bond

The property company is expected to pay a premium to investors after recent deals from China trade down.
Shanghai Zendai Property is preparing to launch its $150 million five-year fixed Reg-S bond tomorrow, having already drummed up a healthy order book, according to sources.

The deal, sole-managed by Merrill Lynch and rated B2BB, is expected to price in the 10% range, plus or minus 12.5bp, but investors are likely to demand a significant premium due to the disappointing performances of Lai Fung and China Property earlier this year. The China Property transaction attracted high levels of subscription, but unfortunately never quite took off in the secondary market, partly because of the number of high-yield bonds concurrently launched. Investors are also likely to be cautious after PakistanÆs sovereign issue traded at...
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