Longfor pulls off deft display with $13bn book

Longfor Properties returned to the international bond market last week, raising $400m from a deal that attracted $13bn of orders. The huge demand meant the company’s outstanding bond tightened even as supply was on the way and helped the new deal rise by more than a point at the end of the week.

  • 18 Oct 2012

The seven year non-call five bond was priced at 6.875%, the lower end of final guidance. The company managed to price it at a big discount to its $750m 9.5% April 2016 bond, despite initially approaching investors with a premium.

Longfor’s existing five year notes, issued in April 2011, ...

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5 UniCredit 1,046.44 7 5.72%

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Bookrunners of European Corporate IG Bonds

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1 Citi 2,729.81 7 8.29%
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3 Bank of America Merrill Lynch 2,436.88 6 7.40%
4 JPMorgan 2,303.98 3 7.00%
5 MUFG 2,123.57 3 6.45%