China's Yuzhou Properties last night braved the tricky year-end market to successfully price its debut $200 million high-yield bond. The small-cap Fujian-based property developer was returning to the market after delaying its bond issue last month.
The Reg-S144a five-year bonds, which are callable at the third year, were launched at a size of at least $150 million and eventually printed north of that. BOC International, Nomura and Royal Bank of Scotland were joint bookrunners.
The senior secured bonds offered a coupon of 13.5% and were reoffered at 98.244 to yield 14%. They were mostly distributed to Asia, with participation driven by fund managers.
Although the deal saw no participation from...
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