Locals go for bonds issued by China firms
Issuers include Yanlord Land, Far East Horizon, Central China Real Estate
RICH local investors, in search of alternatives, are snapping up bonds issued by Chinese companies, including those sold by property developers.
A $400 million, three- year 6.2 per cent issue for Yanlord Land Group late last month received $5 billion orders and was 12.5 times subscribed. It came on the heels of a maiden SGD issue by Far East Horizon Ltd, which attracted $3.8 billion in orders for its $400 million three-and- a-half-year 4.25 per cent bonds.
Last week, Central China Real Estate (CCRE) sold $200 million three-year bonds at 6.5 per cent and received orders of $1 billion.
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