Times Property prices $280m bond

Chinese developer sells second single-B high-yield bond of 2015 as investors slowly warm back up to a sector that has been under intense scrutiny since the start of the year.

Chinese developer Times Property sold a $280 million five-year bond callable in year three on Monday, buoyed by improving sentiment towards the Chinese housing sector and a stronger macroeconomic backdrop for the nation.

Its B2BB rated Reg S issue was priced at 99.35% on a coupon of 11.45% to yield 11.625% according to a term sheet seen by FinanceAsia.

Pricing came 25 basis points inside initial guidance around the 11.875% level, while the issue size was $30 million larger than initial indications for a $250 million deal.

The order book closed around the $1 billion mark from 100 accounts,...

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