Central China Real Estate breaks lull with $400 million bond

Henan-based property developer Central China Real Estate last night priced a $400 million five-year high-yield bond, breaking a brief halt in US dollar bond issuance. Asia debt markets have taken a bit of a breather during the past week, thanks to volatile US Treasury yields and underperformance of recent bond issues.

Central China Real Estate is one of the smaller developers in China, but it benefits from sponsorship from Singapore’s CapitaLand. The initial guidance was released at the 6.75% area late Wednesday morning. As the bookbuilding started a bit later due to the “black” rainstorm warning in Hong Kong on Wednesday morning, it took more time for the leads to go out with...