November 15, 2018 / 3:12 AM / a month ago

Chinese developer Agile offers to pay about 9.5 pct for 2-yr dollar bonds

HONG KONG, Nov 15 (Reuters) - Chinese property developer Agile Group is offering to pay a coupon of about 9.5 percent on a two-year dollar bond now on sale, according to a term sheet seen by Reuters, following peer KWG Group issuing a similar note for 9.85 percent.

Guangzhou-based KWG sold $400 million senior notes due 2020 on Wednesday, it said in a filing.

For Agile, the document said it plans to use the proceeds to refinance existing onshore and offshore indebtedness.

UBS is the global coordinator of the issuance.

Agile has a BB rating from S&P while KWG has a B+, which is 2 notches lower.

Bankers said the high-yield bond curve was pushed up further after major developer China Evergrande Group’s $1.8 billion bond sale late last month, with its 2-year tranche offering coupon of 11 percent. (Reporting by Clare Jim; Editing by Richard Borsuk)

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