Property developer Shui On Land priced a $500 million perpetual on Monday night, the second senior hybrid to price in the dollar space after China Longyuan Power late last week.
Cheung Kong Holdings has issued local-currency senior hybrids in Hong Kong and Singapore, but senior perpetuals had been rare in the dollar space until now.
Shui On’s bond, which is callable after five years, was investor friendly it offered a 300bp step up in the fifth year, a juicy 10.125% yield and rate resets. The perpetual also offers a 300bp step up in the event of a breach of covenant or change-of-control.
It went...
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