Redco debuts in sustainability market

China_property_Adobe_25July
By Morgan Davis
08 Apr 2021

Redco Properties Group raised $220m on Wednesday from its first sustainability bond.

The Chinese company’s 364-day bonds were initially marketed at the 10% area. The $220m notes were closed with a 8% coupon. The bonds were sold at 98.375, or a yield of 9.75%.

Analysts at Nomura saw fair value around the high-9% area. In comparison, the borrower ...

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