New Issue Commentary — Shaoxing Shangyu Urban Development Group Co., Ltd.
Dealer commentary on this issuer’s latest new issue, summarised.
A CNH 1.29 billion threeyear senior unsecured bond offering was successfully priced at a fixed coupon and reoffer yield of 2.1%. Strong investor demand pushed the order book above CNH 3.9 billion, including CNH 1.9 billion of Joint Lead Manager interest and CNH 880 million of additional proprietary orders. This allowed pricing to tighten significantly from initial guidance in the 2.7% area.
| Tranche | Tenor | Coupon | Ccy | Size | Rank | Maturity |
|---|---|---|---|---|---|---|
| Shaoxing Shangyu Urban Development Group Co., Ltd. CNH Reg S Senior Bonds | 3-Year | 2.1% | CNH | CNH 1.29 Billion | Senior Unsecured | 2029-10-23 |