Vanke issues 1 billion yuan dim sum bond

China Vanke, one of China’s few investment-grade property developers, issued a 1 billion yuan (HK$1.26 billion) dim sum bond on Wednesday night, according to a term sheet seen by the South China Morning Post.

The deal drew 2.5 billion yuan in orders from 69 accounts.

The senior, unsecured five-year bond was priced at par with a coupon of 4.5 per cent.

The debt issue was distributed 65 per cent to Hong Kong, 21 per cent to Singapore, 8 per cent to Taiwan and 6 per cent to other markets.

Fund houses took 47 per cent of the deal, private bank clients bought 37 per cent, and banks, corporate investors and others took the rest.

HSBC was the sole bookrunner.