Reorg on the Record: Asia sees first China real estate HY issue since late 2021…
After a year of multiple defaults in China’s real estate sector, with the country’s ‘Three Red Lines’ policy, frozen escrow accounts, and opaque restructuring processes all contributing to substantial losses in Asian high-yield markets, 2023 has kicked off with two signature deals that suggest a better year could lie ahead. Dalian Wanda Commercial Management on Jan. 12 priced a $400 million two-year bond yielding 12.375%, taken by many as the reopening of the debt capital markets for high-quality performing China property names. The issue was 3.7x oversubscribed, attracting the likes of Fidelity, PIMCO, Blackrock and PAG as subscribers, and marked...
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