China Resources Land returns with $250 million tap

China Resources Land CRL returned to the market yesterday with a $250 million tap on its recent $750 million five-year bond, which priced in May, increasing the total issue size to $1 billion. HSBC was a global co-ordinator. HSBC, BOCI and DBS the same arrangers for the deal in May acted as joint bookrunners.

The deal gathered a strong order book of $3 billion with 168 accounts participating. Asian investors were allocated 76% and European investors 24%. By investor type, fund managers were allocated 59%, insurers 16%, private banks 13%, banks 8% and others 5%.

Investors piled into the deal, thanks in part, to the generous...