Renhe prints bond with 13% semi-annual coupon

After two weeks of speculation about whether or not Renhe Commercial Property Holdings would return to the international bond markets, the Chinese property company priced a $300 million five-and-a-half year security with a 13% semi-annual coupon last Thursday evening -- less than four months after its last deal.

Rumours of a Renhe transaction initially surfaced in early August amid a flurry of property developers looking to come to market, including Country Garden and KWG Property. Facing an investor base that has had its fair share of high-yield property bonds to choose from this year, neither Country Garden's nor KWG Property's aftermarket performance matched analyst expectations.

However the performance of Chinese property bonds strengthened...