Evergrande is set to break new ground in Asia’s bond markets by becoming the first large developer to tap Chinese bond investors in more than six years.
The Guangzhou-based company recently received approval from the Chinese regulator to raise up to Rmb20bn (US$3.2bn) through onshore bonds, and yesterday priced its first tranche at a yield of 5.38 per cent.
Evergrande, which is listed in Hong Kong and registered in the Cayman Islands, is the first such developer to borrow through the Chinese bond market since 2009. The bonds will also be listed on the Shanghai stock exchange, rather than the interbank market — where the vast majority of Chinese bonds are traded.
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