By Christine Van Dusen
Atlanta, Jan. 16 - China's Yuexiu Property Co. Ltd. priced a combined $850 million of five- and 10-year notes (Baa3//BBB-), a market source said.
The deal included $350 million 3¼% notes due 2018 that priced at 99.831 to yield 3.287%, or Treasuries plus 255 basis points. The tranche priced at the tight end of talk, set at Treasuries plus 255 bps to 260 bps.
The second tranche - $500 million 4½% notes due 2023 - priced at 99.459 to yield 4.568%, or Treasuries plus 275 bps. The notes were talked at a spread of 275 bps to 280 bps over Treasuries.
Bank of China, DBS Bank, HSBC and Morgan Stanley were the bookrunners for the Regulation S offering.
The deal is part of the company's $2 billion medium-term note program.
Proceeds will be used for general corporate purposes.
The issuer is a property developer based in Hong Kong.
| Issuer: | Yuexiu Property Co. Ltd.
|
| Amount: | $850 million
|
| Description: | Notes
|
| Bookrunners: | Bank of China, DBS Bank, HSBC, Morgan Stanley
|
| Change-of-control put: | At 101%
|
| Trade date: | Jan. 16
|
| Settlement date: | Jan. 24
|
| Ratings: | Moody's: Baa3
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
|
|
| Five-year notes
|
| Amount: | $350 million
|
| Maturity: | Jan. 24, 2018
|
| Coupon: | 3¼%
|
| Price: | 99.831
|
| Yield: | 3.287%
|
| Spread: | Treasuries plus 255 bps
|
| Price talk: | Treasuries plus 255 bps to 260 bps
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | Jan. 24, 2023
|
| Coupon: | 4½%
|
| Price: | 99.459
|
| Yield: | 4.568%
|
| Spread: | Treasuries plus 275 bps
|
| Price talk: | Treasuries plus 275 bps to 280 bps
|
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