Yuzhou Properties builds larger, cheaper bond

Yuzhou Properties Company took full advantage of the Federal Reserve’s decision to delay tapering by issuing its largest US dollar denominated bond at the tightest borrowing costs since its debut in 2010.

  • By Frances J. Yoon
  • 30 Sep 2013

Initial guidance was announced at the 9% area for the $300m five non call three Reg S deal on September 27, which attracted more than $2bn from 160 accounts. That gave them room to tighten pricing to a final of 8.75% - its lowest ever coupon.

At that ...

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All Corporate Bonds

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5 Barclays 89,036.16 395 4.44%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 BNP Paribas 24,553.43 113 8.90%
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4 HSBC 16,938.83 77 6.14%
5 SG Corporate & Investment Banking 15,549.67 85 5.63%

Bookrunners of European HY Bonds

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1 JPMorgan 5,988.32 51 7.85%
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5 Barclays 4,263.74 37 5.59%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 29,820.93 232 10.58%
2 Citi 23,746.29 188 8.42%
3 Bank of America Merrill Lynch 22,954.16 203 8.14%
4 Goldman Sachs 20,887.87 148 7.41%
5 Barclays 19,256.47 129 6.83%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Deutsche Bank 23,833.79 81 6.50%
2 HSBC 23,751.92 108 6.48%
3 Barclays 23,497.73 103 6.41%
4 BNP Paribas 22,998.19 112 6.28%
5 Citi 20,118.07 85 5.49%