Two more Chinese property developers sold US dollar-denominated bonds this week, continuing a steady flow of companies seeking to lock in borrowing costs ahead of expected increases in US interest rates
Times Property and Yanlord Land enjoyed strong appetite for their bonds, as investors continue to seek higher coupons while accepting a greater possibility of default.
“Investors have to take more credit risk in the era of low-return environment,” a Singapore-based portfolio manager told FinanceAsia. “On the flipside, Chinese property developers are being disciplined in their funding needs because no one wants to be the next Kaisa.”
The order book...
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