KWG stalls in secondary as supply surges

KWG Property Holdings sold a $600m five year non-call three bond on Tuesday. The deal dropped slightly in the secondary market after becoming free to trade, which some bankers said pointed to signs of stress amid this week's heavy supply. But others argued that there was plenty of appetite for more property bonds.

  • By Steven Gilmore
  • 10 Jan 2014

Bookrunners Citi, Standard Chartered and UBS priced the deal at par to yield 8.975%. They set initial guidance in the 9.25% area.

The most liquid comparable was the borrower’s February 2020 bond, which was trading at 9.1% when KWG announced its new deal, said a banker on the ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 125,755.02 549 5.87%
2 Bank of America Merrill Lynch 124,444.29 528 5.80%
3 Citi 102,522.76 538 4.78%
4 Barclays 83,950.26 342 3.92%
5 Goldman Sachs 83,598.93 327 3.90%

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5 HSBC 16,282.49 91 5.15%

Bookrunners of European HY Bonds

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1 Goldman Sachs 5,527.11 43 7.80%
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5 Credit Suisse 3,757.05 40 5.30%

Bookrunners of Dollar Denominated HY Bonds

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5 Morgan Stanley 12,977.13 92 6.53%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 27,454.25 115 5.81%
2 BNP Paribas 27,238.89 117 5.76%
3 JPMorgan 26,076.85 89 5.52%
4 Barclays 25,936.71 91 5.49%
5 Deutsche Bank 24,766.67 100 5.24%