China Overseas revives offering of $300 million in bonds, shortens tenor, sets talk at swaps plus 150 bps

By Reshmi Basu

New York, July 7 - China Overseas Land & Investment Ltd. plans to issue $300 million in seven-year bonds (Baa3/BBB-), according to a market source.

Price guidance for the new issue has been set at mid-swaps plus 150 basis points.

In May, the deal was delayed due to market volatility. This time around, the tenor has been shortened to seven years from the original 10 years.

Guidance for the original issue had been set at Treasuries plus 180 basis points.

The issuer is a Hong Kong-listed property developer.

HSBC and JP Morgan are the lead managers.

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