Sunac China knew it would be hard work to sell $1 billion-worth of bonds given the recent scrutiny of its string of acquisitions, the fact it was on credit-watch negative and an eye-popping leverage ratio. So it took no chances.
The Tianjin-based home builder offered an attractive yield pick-up over its larger rival Evergrande and hired a wide array of bankers to market eke out investors looking for fixed income assets.
Sunac China's Reg S sale needed to overcome concerns following a slew of high-profile acquisitions in the past few months, including a Rmb43.8 billion $6.51 billion purchase of 13 cultural and tourism projects from Dalian...
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