parkson-bond-closes-13-times-oversubscribed

Parkson bond closes 13 times oversubscribed

Despite high levels of demand, the issue from the Chinese retailer prices at favourable levels for investors.
May 24, 2007
Parkson, one of the largest foreign-owned retailers in China, raised $125 million last night via a Reg-S, five-year senior note with final books closing 13 times oversubscribed at $1.65 billion. As a result, the deal priced within just 36 hours of announcement.

The BBBa1 offering closed with a coupon of 7.125%, pricing at revised guidance, from an earlier indicated range of 7.125% to 7.25%, via sole bookrunner JPMorgan. The bond broke syndicate last night, trading up over 101.00% in the secondary market.

A total of 74 accounts participated in the transaction, with 74% of the bonds selling to Asia, 23% to Europe and 3% to US offshore. 40% of the bonds were allocated...
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