China Overseas Land late Wednesday night tapped the market with a dual-tranche 10-year and 30-year bond. It is the first 30-year deal in Reg-S format, an indication that the investor base in Asia has developed to the extent that Asian borrowers no longer need to rely solely on US-based insurance funds to buy long-dated bonds.
“Three or four years ago, the argument was that if you wanted to raise more than $500 million and issue a tenor longer than 10-years, you had to tap the Reg-S144a market,” said one banker. “But that argument no longer holds true. There is a home-grown investor base in Asia.”
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