Merchants Land bags $500m with credit enhancement
China Merchants Land priced its first international bond on Wednesday following the company’s reverse IPO. The deal adds to the increasing number that are accompanied by credit enhancement (see page 1), with ICBC (Asia) offering a standby letter of credit.
The unrated borrower sold a $500m five year deal at 260bp over Treasuries, inside initial price indications of high 200bp and at the bottom of the final price guidance of 260bp-270bp. Moody’s has assigned the bond a provisional rating of A2, equal to ICBC (Asia), as the debt
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