China Aoyuan Property became the first Asian issuer to tap the dollar bond market in 2017, raising $250 million from a three-year benchmark bond on Wednesday.
The B2BBB- rated developer built an impressive order book of $2.5 billion at peak level, as investors brushed off cooling measures in China that could hurt home sales and reduce onshore liquidity.
But China Aoyuan was tapping the market at a good time, turning to investors less than a week after Fitch upgraded the company. The ratings agency boosted China Aoyuan’s rating to BB- from B, pointing to strong sales, smart land acquisitions, and strong...
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