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New World China Land sells 3 bln yuan dim sum bond at 5.5 pct -term sheet
January 31, 2013 / 2:05 AM / in 5 years

New World China Land sells 3 bln yuan dim sum bond at 5.5 pct -term sheet

HONG KONG, Jan 31 (Reuters) - Chinese property company New World China Land Limited completed its sale of a 3 billion yuan ($482.3 million) five-year dim sum bond which was priced at 5.5 percent, according to a term sheet seen by Reuters.

The initial price guidance for the transaction, which was swiftly executed, was for a rate of around 5.75 percent.

The unrated senior unsecured bond was warmly received in the market, with the order-book exceeding 9.6 billion yuan from 111 accounts, the term sheet showed.

Hong Kong and China investors accounted for 82 percent of the transaction, and ones from Singapore took 15 percent.

Private banks comprised 49 percent of the deal, followed by fund and asset managers at 41 percent, banks at 8 percent and corporates and others at 2 percent.

The offering benefited from the support from the company’s parent New World Development, which provided a letter of support, a change of control put and a letter of support put.

Bank of China International and HSBC were joint bookrunners.

New World China Land sold a 2.8 billion yuan three-year dim sum bond last March with a coupon of 8.5 percent. ($1 = 6.2204 Chinese yuan) (Reporting by Michelle Chen; Editing by Richard Borsuk)

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