Yuzhou Properties, HK Electric return with dollar bonds

Chinese developer Yuzhou Properties braved challenging market conditions to price its $200 million five-year bond last night, making it the second Asian issuer to return to the G3 bond market this week after Hongkong Electric.

China's Yuzhou Properties last night braved the tricky year-end market to successfully price its debut $200 million high-yield bond. The small-cap Fujian-based property developer was returning to the market after delaying its bond issue last month.

The Reg-S144a five-year bonds, which are callable at the third year, were launched at a size of at least $150 million and eventually printed north of that. BOC International, Nomura and Royal Bank of Scotland were joint bookrunners.

The senior secured bonds offered a coupon of 13.5% and were reoffered at 98.244 to yield 14%. They were mostly distributed to Asia, with participation driven by fund managers.

Although the deal saw no participation from...

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