Agile Group became the latest to join a long list of Chinese property developers in issuing offshore bonds in order to capitalise on the stronger investor sentiment for high-yield credit compared to last year.
The BBBa3 rated residential property developer raised $500 million from a three-year senior note at the end of Thursday that was met with over $2 billion worth of orders at peak.
The 2022s, callable after two years, were offered at an initial guidance of 7% before tightening by 30 basis points during the bookbuilding process on Thursday to settle at a final yield of 6.7%, making it one of the lowest-yielding...
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