Shimao Property raised a $600 million seven-year note on Tuesday, joining the flurry of Chinese developers that have tapped the market this year amid tighter onshore banking liquidity and a potential rise in interest rates.
The Hong Kong-listed group's transaction with a callable option in the fourth year on Tuesday is the longest in duration and lowest in coupon done in the high-yield space so far this year.
It was also priced tightly given Shimao’s long-standing reputable presence in Asia’s debt capital market and is its first issuance since receiving rating upgrades to Ba2BBBB from Moody’s, Standard Poor’s SP and Fitch, respectively, last year.....
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