Chinese developer Times Property sold a $280 million five-year bond callable in year three on Monday, buoyed by improving sentiment towards the Chinese housing sector and a stronger macroeconomic backdrop for the nation.
Its B2BB rated Reg S issue was priced at 99.35% on a coupon of 11.45% to yield 11.625% according to a term sheet seen by FinanceAsia.
Pricing came 25 basis points inside initial guidance around the 11.875% level, while the issue size was $30 million larger than initial indications for a $250 million deal.
The order book closed around the $1 billion mark from 100 accounts,...
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