Shimao bond shows need for caution
Chinese property companies will need to take a measured approach to the international bond market, leaving enough time between deals and not expecting to meet their funding targets in one big offer, said a senior syndicate banker on Wednesday. Shimao Property followed that script this week: timing a $350m issue perfectly, but raising the bottom-end of its target.
The company returned to the market with a seven year non-call four bond that priced to yield 11%. Bookrunners Morgan Stanley and Standard Chartered whispered pricing of the 11% area, before announcing guidance of 10.875%-11%.Shimao closed the deal in London trading hours on Tuesday, the same time ...
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org