Guangzhou RF, a leading Chinese property developer, raised $550 million last week in the first ever dual-tranche US dollar and offshore-renminbi CNH bond deal. Although both tranches were oversubscribed, the bigger size of the CNH offering gave an indication of where the predominantly Asian investor base saw the best value. In contrast, the dollar notes offered limited potential upside.
The joint global coordinators for the transaction were Credit Suisse and Goldman Sachs, and Citi and Morgan Stanley also acted as joint bookrunners. The banks marketed the proposed transaction in Hong Kong last Monday and Tuesday with initial price guidance for both tranches that didn’t change by the time it...
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