New World China adds letter of support for HY dim sum

By GlobalCapital
01 Apr 2012

Hong Kong-listed New World China Land included a novel feature on its debut in the offshore renminbi bond market, adding a letter of support from its parent, New World Development, to give extra comfort to investors in the high yield issue.

The company priced Rmb2.8bn ($444.4m) of three year dim sum bonds at par to yield 8.5%, the lower end of price guidance of up to 8.75%.

The transaction carried a letter of support, as well as puts in case of a change of control – if New World’s equity ...

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