Wanda bankers defend premium on 10 year bond
Dalian Wanda Commercial Properties came under criticism this week from bankers who said it paid a hefty premium on last week's $600m 10 year bond to establish a longer dated dollar curve. But bankers on the bond, priced on January 23, argued that a stable performance shortly after pricing vindicated the final yield. The bonds subsequently fell, but the broader emerging market sell-off meant that this widening said little about the initial pricing.
It was Wanda Properties’ first bond since its $600m 2018 debut in November last year. This made Wanda a contender for the fastest return to the market for a debut issuer, said a banker on the new transaction.
But Wanda, which was focused on yield rather than spread, had
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