Shui On returns with 'investor-friendly' bond

The Hong Kong-listed property company's $500 million bond offered an attractive new-issue premium to investors.

Asia’s dollar bond issuers have gotten away with razor-thin new issue premiums this year, making the most of buoyant liquidity after a slow-down in bond buying late last year. But when Chinese property company Shui On Land came to the market at the start of this week, it offered a double-digit premium to investors.

That looked a wise choice, helping the company generate a whopping $3.3 billion of demand for its bond. This was despite rising doubts about the Chinese property sector and the likely supply that could hit the dollar market later this year.

Chinese regulators have stamped down on domestic bond issuance by property companies,...

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