Shui On Land raised a $500 million three-year note late on Monday, breaking a recent drought in the supply of Chinese property-related high-yield paper.
With investors cautious about the outlook for China's real estate market, the Hong Kong-listed developer paid up a little for the privilege based on where its outstanding bonds were trading.
“The bond looks attractive compared to Shui On’s existing curve given the pick-up to its longer-dated 2018 notes and the extension risk associated with its perpetual,” a Hong Kong-based credit analyst said.
The Reg S-only, unrated issue was priced to yield 8.7%, at the tighter end of final...
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