JP Morgan and HSBC have priced a shortened $300 million seven-year Reg S only issue for mainland property developer China Overseas Land Investments after it shelved a longer tenured deal in May.
At that point, the group marketed a $300 million to $400 million 10-year deal at 180bp over mid swaps. However, the deal was postponed after garnerning just $200 million in orders in the face of widening spreads pushed out following the downgrade of Ford And General Motors to junk status.
In order to attract the Chinese banks, which had been reluctant to commit in May, the revised deal...
