KWG stalls in secondary as supply surges
KWG Property Holdings sold a $600m five year non-call three bond on Tuesday. The deal dropped slightly in the secondary market after becoming free to trade, which some bankers said pointed to signs of stress amid this week's heavy supply. But others argued that there was plenty of appetite for more property bonds.
Bookrunners Citi, Standard Chartered and UBS priced the deal at par to yield 8.975%. They set initial guidance in the 9.25% area.
The most liquid comparable was the borrower’s February 2020 bond, which was trading at 9.1% when KWG announced its new deal, said a banker on the
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