Sunshine 100 closes rare high-yield CB

Beijing-headquartered property developer printed a $200 million dollar convertible bond, offering offshore investors rare exposure to high-yield credit in the CB market.
Sunshine 100 International New Town in Tianjin, China
Sunshine 100 International New Town in Tianjin, China

Chinese property developer Sunshine 100 Holdings raised $200 million from its debut convertible bond sale on Thursday, turning to equity investors to partially refinance an existing 12 75% vanilla bond that falls due next year

The B-/B- rated company's switch from straight debt to convertible debt financing came as a surprise to some bankers Asia's sub-investment grade rated companies have shunned the Asia ex-Japan convertible bond market in recent years, relying on conventional bonds and bank loans to hit their funding targets

That gave the five year deal — puttable and callable after three years — a scarcity value that may have helped push it...

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