Country Garden, China’s seventh largest property developer, raised a $750 million seven-and-a-half year high-yield bond on Wednesday night, the latest in a flurry of mainland property companies to tap the market this month.
The deal - which has a yield of 7.25% and a callable option on four years - priced tightly within its existing curve, falling comfortably between its 2018 and 2023 notes, which are trading at 111.375 and 97.375 respectively in secondary markets. The latest bond is currently trading at 99.875 to par, the sources added.
“It’s bang on where it priced, it’s right in the money,” said a source close to the deal. “To...
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