Yuzhou finds 36 times the demand needed for bond

Yuzhou Properties became the latest mainland property company to find strong demand for a high yield bond this week, drawing $9bn of orders for a deal that was worth just $250m.

  • 18 Oct 2012

The company, rated B1/B+ by Moody’s and Standard & Poor’s, priced the five year non-call three notes on Wednesday at 11.95%, the lower end of price guidance. The bond was priced well inside its own curve, as well as inside the recent deal from rival Sunac China Holdings.

"Yuzhou ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 91,308.71 450 5.83%
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3 Bank of America Merrill Lynch 80,651.89 414 5.15%
4 Barclays 72,135.54 307 4.61%
5 Goldman Sachs 59,875.46 292 3.82%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 Barclays 20,638.21 54 8.44%
2 BNP Paribas 16,514.56 94 6.75%
3 Deutsche Bank 15,422.56 75 6.30%
4 SG Corporate & Investment Banking 15,340.46 67 6.27%
5 Bank of America Merrill Lynch 14,105.99 45 5.77%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Citi 4,728.01 24 9.17%
2 JPMorgan 3,649.83 29 7.08%
3 Deutsche Bank 3,638.27 22 7.06%
4 Barclays 3,441.80 22 6.68%
5 Goldman Sachs 3,389.62 26 6.58%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 18,847.11 143 9.44%
2 JPMorgan 18,279.02 147 9.16%
3 Goldman Sachs 14,831.56 109 7.43%
4 Bank of America Merrill Lynch 14,255.85 117 7.14%
5 Morgan Stanley 12,912.93 86 6.47%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 BNP Paribas 16,573.16 92 5.72%
2 SG Corporate & Investment Banking 15,343.03 70 5.29%
3 Barclays 15,274.25 63 5.27%
4 JPMorgan 15,018.24 65 5.18%
5 Citi 14,456.99 66 4.99%