Sino-Ocean Land raised $1.2 billion from a dual-tranche bond on Wednesday, breaking through the gloom that has beset the Chinese real estate sector in recent weeks and which continues to cast a pall.
The developer, which operates primarily across China’s so-called Tier-1 and Tier-2 cities, raised a $700 million five-year and $500 million 12-year note.
The five-year tranche priced at US Treasuries plus 340 basis points, which is approximately 30bp tighter than initial price guidance, according to a term sheet seen by FinanceAsia. The 12-year paper, on the other hand, priced at Treasuries plus 429.6bp, just 6bp tighter...
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