Future Land finds dollar debut uphill struggle
Future Land Development Holdings made its debut in the dollar bond market at the end of last week. The borrower managed to print a modestly oversubscribed $200m five non-call three deal, but investor fatigue amid a glut of Chinese property supply made execution difficult, said bankers.
The borrower priced its deal at par to yield 10.25% after starting with initial guidance in the same area, having received over $300m in orders from over 35 accounts.
It wasnt an easy sell, said a debt banker involved in the deal. Weve been seeing investors tire after all
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