Zhenro builds support for debut perp
China’s Zhenro Properties Group wrapped up its first attempt at issuing perpetual bonds offshore this week, selling the note with a senior-to-perp differential that was tighter than some of its higher rated peers.
The Wednesday transaction was not only a first for Zhenro, but a rare senior perp deal from a single-B rated issuer.The B1/B/B rated Chinese real estate developer priced a $200m perp non call 2.6 year bond at 10.25%, after initial price guidance at the 10.5% area. ...
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