On Wednesday night, PRC real estate developer KWG Property priced a $350 million five-year non-call three bond. The notes were bid at 100.375 in secondary markets yesterday, slightly above the par issue price.
The company offered investors an attractive new issue premium a sign that China property issuers need to pay up if they want to raise funds. The guidance was for a yield in the 12.75% area and that was where the deal was finally priced. The total book-size stood at $1 billion from more than 110 accounts.
“It was a good headline order book, and should have been given a pretty attractive...
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