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Shimao Raises $600M in Bonds as China’s Developers Struggle for Cash

2014/01/15 by Syndicated Content Leave a Comment

Shimao International Plaza Shanghai

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)

Read More on FinanceAsia>>

 

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Filed Under: Projects Tagged With: bond sale, china real estate developer, crebrief, Credit rating agencies, Moody's Investors Service, Shimao Property Holdings, Standard & Poor's

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