China property developer Shimao Property last night priced a $350 million bond at a yield of 11%.
The seven-year non-call-four deal proved challenging for the leads Morgan Stanley and Standard Chartered as investors had concerns over the heavy calendar of issuance from China property companies and some fatigue had settled into the sector as a whole.
The initial price whisper on the bonds was in the 11% area and the bookrunners tightened the final guidance to 10.875% to 11%, with the bonds pricing at the wide end of that range and being issued at par.
The leads built an orderbook of $765 million from...
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