Shui On closes investor-friendly senior perpetual

Shui On Land's $500 million senior hybrid is a good deal for investors. But perhaps less so for its lenders.
<div style="text-align: left;">
Shui On's vision for the International Commerce Centre in Chongqing
</div>
<div style="text-align: left;"> Shui On's vision for the International Commerce Centre in Chongqing </div>

Property developer Shui On Land priced a $500 million perpetual on Monday night, the second senior hybrid to price in the dollar space after China Longyuan Power late last week.

Cheung Kong Holdings has issued local-currency senior hybrids in Hong Kong and Singapore, but senior perpetuals had been rare in the dollar space until now.

Shui On’s bond, which is callable after five years, was investor friendly it offered a 300bp step up in the fifth year, a juicy 10.125% yield and rate resets. The perpetual also offers a 300bp step up in the event of a breach of covenant or change-of-control.

It went...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222