Greenland Holdings sold a $500 million three-year bond on Thursday its second debt offering in about a month raising funds for the development of domestic projects, to repay existing onshore debt and for general corporate purposes.
The Chinese property developer's Reg-S offering priced at 4.625%, which is 37.5bp tighter than its initial price guidance of around 5%, according to a term sheet seen by FinanceAsia.
Unlike the state-owned Chinese developer’s previous bond, which was raised under China’s new guarantee policy whereby onshore companies can back the offshore debt of subsidiaries, this offering is backed by a traditional keepwell agreement.
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