Dalian Wanda Commercial Management raised $400 million in a U.S. dollar bond, a term sheet seen by Reuters showed, in the first publicly sold dollar bond by a Chinese property-related firm since late 2021 when the sector's debt crisis came to a head.
Investor confidence in China's property sector has been hit by a string of debt defaults, and bond exchanges to extend repayments since late 2021 when the liquidity troubles of China Evergrande GroupFinal pricing for Wanda's 11%, two-year bond was set with a yield of 12.375%, compared to the initial price guidance given to investors of 12.625%, the term sheet showed.
"This deal reopened the dormant China property and high-yield bond market, and received an active and positive reaction," it added. Blackrock, Fidelity, Pictet AM and PAG did not immediately respond to requests for comment. Invesco declined to comment. Moody's assigned a rating of Ba3 to the notes, while Fitch Ratings assigned BB. Both are high-yield grades.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Congress says the Army can’t spend $400 million buying Microsoft HoloLens headsetsBut the company is getting millions to make improvements.
Read more »
Indonesia Risks Confrontation With China Over Gas Project in South China SeaAround a remote cluster of islands in the South China Sea, Indonesia is pushing back against Beijing’s expansive claims over the strategic waterway
Read more »
Exciting Avengers spoiler reveals the creator of Wanda's DarkholdA report delivers an incredible detail about the author of the Darkhold - here's what it is and what it means for the Avengers movies.
Read more »
China Consumer Price Index and China Producer Price Index fail to move the needle in AUD/USDThe China Consumer Price Index and the China Producer Price Index that are released by the National Bureau of Statistics of China have been released a
Read more »
Breakingviews - China’s property debt red lines need a redrawThe policy Beijing introduced in 2020 to cap developers' leverage is backfiring. Officials are considering blurring or moving the “three red lines”. They might have to erase them, warns ywchen1
Read more »