Greenland Hong Kong Holdings has sold Asia’s largest ever Reg-S sub-investment grade bond for a debut issuer, joining the extensive list of Chinese developers that have raised cash in global capital markets since September.
The $700 million three-year note with a coupon of 4.75% comes at a rosy time for mainland developers, buoyed by China’s recovering housing market and strong investor demand for credits with keepwell deeds.
“Greenland is [Asia's] first non-public company to successfully issue under a keepwell deed, which is a strong testimony of Chinese issuers’ access to capital markets with this structure,” said a source close to the deal. “It is also the largest ever [Reg-S] sub-investment grade bond to debut in Asia.”
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