China SCE takes pole position in fresh property race

China SCE Property Holdings was first Asian issuer into the dollar bond market at the start of the week, launching one of three property deals to be priced on the same day. The borrower secured a benchmark-sized book for its $150m extension, and closed the bond before the arrival of its peers put pressure on the secondary market.

  • 23 Jan 2013

The borrower priced the tap of its $200m 11.50% November 2017 dollar debut at 108.00 for a yield of 9.381%. China SCE had only intended to print $100m, but increased the deal size after orders hit $800m, said a banker close to the deal.

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All Corporate Bonds

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4 Deutsche Bank 21,936.54 80 5.92%
5 Barclays 18,739.72 76 5.06%

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4 HSBC 5,003.70 23 6.44%
5 Citi 4,576.17 26 5.89%

Bookrunners of European HY Bonds

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5 Barclays 1,569.70 11 7.06%

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3 Bank of America Merrill Lynch 7,652.39 65 8.64%
4 Goldman Sachs 6,155.05 45 6.95%
5 Credit Suisse 5,502.63 40 6.21%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 8,202.93 31 9.23%
2 Deutsche Bank 6,868.10 19 7.73%
3 Citi 6,086.67 25 6.85%
4 JPMorgan 4,814.18 17 5.42%
5 HSBC 4,304.73 21 4.84%