Two similarly rated high-yield Chinese property developers priced bonds last Friday, but they chose different routes for their fundraising. The first to price was trade centre developer and operator China South City, which tapped the US dollar bond market with a $250 million five-year non-call-three issue.
On the same day, Fujian-headquartered residential developer China SCE Property priced a five-year Rmb2 billion $301 million bond in a synthetic format, meaning it is denominated in renminbi but settled in US dollars. China SCE Property was the second issuer to sell a public synthetic offshore renminbi bond, following Shui On Land’s inaugural Rmb3 billion $450 million three-year bond in December last year.
As China SCE Property’s...
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