The unlisted flagship of one of China's most well known businessmen made its debut in the international bond markets yesterday October 12. Vincent Lo's Shui On Land raised $375 million from a three-year private placement led by JPMorgan, the firm's main financial advisor and probable lead manager of a Hong Kong IPO expected some time next year.
Pricing of the unrated bond deal came at par on a coupon of 8.5% to yield 424bp over Treasuries or 380bp over Libor. As an additional sweetener, the deal was structured with a tranche of free warrants, equating to 3.1% of the company's share capital.
Analysts estimate the...
