ASIA-PACIFIC

摘要

POWERLONG REAL ESTATE HOLDINGS, rated B1/BB- (Moody's/S&P), drew huge demand for its US$200m Reg S bond offering, with final orders exceeding US$3.2bn or 16 times the deal size, despite concerns over hidden debt related to minority interests in China's property sector. Final orders came in from 176 accounts and included US$100m from the leads, with peak orders seen at US$3.75bn. The 4.90% five-year non-call three notes were priced at 99.127 to yield 5.10%, 60bp tighter than initial guidance of 5.70% area. The senior unsecured notes have expected ratings of B2/B+ (Moody's/S&P) and use up Powerlong's remaining offshore debt quota.