Guangzhou-based property developer Evergrande Real Estate early Friday morning priced a Rmb9.25 billion $1.4 billion dual-tranche synthetic offshore renminbi bond. The Reg-S bond is denominated in renminbi and settled in US dollars. The deal is the largest Asian high-yield bond ever and the largest Reg-S bond since 2001.
Bank of America Merrill Lynch was the global co-ordinator and joint bookrunner with BOC International, Citi and Deutsche Bank.
Evergrande is the third Chinese real estate company to issue a renminbi bond in the synthetic format, following Shui On Land and SCE Property. The high-yield bond underscores a growing acceptance of local currency-denominated but US dollar-settled bonds. Tailored to meet global investor appetite for exposure to...
