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.
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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