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HONG KONG, April 9 (Reuters) – China Evergrande and Sunac China Holdings have sold $ 2 billion and $ 750 million worth of senior bonds respectively, the fourth issue of US dollar bonds. these two developers in six months.
The dollar bond market has seen a rapid increase in issuance by Chinese real estate developers since the beginning of the year, as the general stock market rally and investor expectations of higher interest rates have boosted the market. appetite for risk.
Evergrande said Monday in a belated report that coupon rates for three, four and five year bonds were 9.5%, 10% and 10.5% respectively.
He will use the proceeds to refinance existing debt and capital expenditures, he said.
With the latest issue, Evergrande has sold $ 7.8 billion of bonds over the past six months, while Sunac has sold $ 2.5 billion.
The October 2023 notes issued by Sunac, the fourth largest developer in China, bear a 7.95% interest, according to a report filed Tuesday. They received the B1 rating from Moody's and B + from S & P.
Evergrande's ratings were to be rated B2 by Moody's and B by S & P, according to the company.
Other promoters, including Country Garden, Future Land, Kaisa Group and Zhenro Properties, have also issued bonds over the past two weeks. (Report by Clare Jim, edited by Shri Navaratnam)
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