KWG goes for price over size with $350m outing

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By Addison Gong
01 Aug 2018

KWG Group Holdings raised $350m from a three non call two year bond on Tuesday, but an aggressive tightening of 32.5bp resulted in the order book dropping by half from its peak.

The Chinese property developer’s 2021 was sold at 7.875% and at par. Bookbuilding started at the area of 8.2%, with Goldman Sachs, Guotai Junan International, HSBC, Morgan Stanley and Standard Chartered as the bookrunners and lead managers.

“We were able to tighten inside 8%,” said a banker at ...

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