Greentown gets tight pricing for first perp

Greentown China Holdings priced a $500m perpetual bond on Monday, and surprised some debt bankers by paying a historically small premium over its senior bond curve for a successful print.

  • By Steven Gilmore
  • 20 Jan 2014

The issuer sold the deal through subsidiary Moon Wise Global, and priced a non-call five bond at par to yield 9% following initial guidance of the 9.25% yield area.

“It was a bit of a surprise given how unattractive the pricing looked,” said a banker away from the bond. ...

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Rank Arranger Share % by Volume
1 Bank of China (BOC) 18.01
2 Everbright Securities 16.95
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5 Industrial and Commercial Bank of China (ICBC) 6.36

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