Greentown posied to price perp

By Steven Gilmore
20 Jan 2014

Greentown China Holdings pipped Hong Kong and China Gas to open books on Asia’s first dollar perpetual this year on Monday, and will use to proceeds repay a Hong Kong dollar denominated deal from one its subsidiaries.

Deutsche Bank, Goldman Sachs, HSBC, Macquarie, Standard Chartered Bank and UBS set guidance in the 9.25% yield area for a non-call five deal.

Greentown’s perp is being issued through subsidiary Moon Wise Global and comes with a 500bp step-up on the first call date. The coupon then resets ...

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