Yanlord prices $400 million bond at tight end

China property developer Yanlord Land last night priced a $400 million seven-year non-call-four Reg-S144a bond. The bonds priced at a yield of 10.625%, at the tight end of the 10.625% to 10.75% final guidance. The notes were offered at par.

The initial guidance was in the area of 10.75% and the whisper was at 11%. Both were released on Monday, but the leads held off pricing the deal to give investors more time to look at the credit.

The leads guided investors towards a deal size of $300 million to $400 million, though initial talk was of a $300 million to $500 million print. HSBC,...