Greentown perp boasts tight senior sub gap

By Steven Gilmore
24 Jan 2014

Greentown China Holdings priced a $500m perpetual bond on January 20. But despite being one of a herd of Chinese property bonds priced so far this year, the issuer surprised some debt bankers by paying a historically small premium over its senior curve.

The issuer sold the deal through subsidiary Moon Wise Global, and priced a non-call five bond at par to yield 9% following initial guidance of the 9.25% yield area.

“It was a bit of a surprise given how unattractive the pricing looked,” said a banker away from the ...

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