Yanlord Land Group has become the sixth Chinese property developer to price in the international bond markets this year. Yesterday morning, the company sold $300 million of debt with a 9.5% fixed-rate coupon. The bonds were issued at par for a yield of 9.5% as well. The Reg-S144A high-yield securities have been set to mature on May 4, 2017 and will be callable after four years.
Moody's has issued a Ba2 rating on the securities, while Standard and Poor's rates them BB. At just below investment grade, Singapore-listed Yanlord is considered to be a relatively strong name within the China property sector.
Early buying saw the bonds trade up to 100.40 shortly...
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