Zhenro builds support for debut perp

money fist
By Addison Gong
13 Jun 2019

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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