Chinese property developer Gemdale crossed the line last night with a $350 million high-yield bond, beating the looming pipeline of high-yield bonds. In contrast to Far East Consortium and China Aoyuan, which were both struggling to attract investor interest, Gemdale crossed the line with relative ease.
It was a public holiday in the US on Monday and in Singapore on Tuesday and as a number of investors were away, it was an not obvious time to start marketing a deal. But Gemdale managed to price, getting ahead of competing supply that is expected later this week.
The $350 million five-year non-call-five was priced to yield 7.125%, at...
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