Shimao International Plaza in Shanghai
Shimao Property raised a $600 million seven-year note on Tuesday, joining the flurry of Chinese developers that have tapped the market this year amid tighter onshore banking liquidity and concerns over a potential rise in interest rates.
The Hong Kong-listed group’s transaction on Tuesday – with a callable option in the fourth year – is the longest in duration and lowest in coupon done in the high-yield space so far this year.
It was also priced tightly given Shimao’s long-standing reputable presence in Asia’s debt capital market and is its first issuance since receiving rating upgrades to Ba2/BB/BB+ from Moody’s, Standard & Poor’s (S&P)
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