China Vanke Markets Debut Dollar Bond Sale Amid Government Curbs
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China Vanke Co. is marketing its debut sale of U.S. dollar-denominated bonds after Fitch Ratings Ltd. said the country’s largest property developer by market value is better placed than its peers to cope with government measures to cool house prices.
China Vanke is offering five-year notes at a yield of about 220 basis points more than Treasuries, a person familiar with the deal said. The notes are expected to carry a BBB rating from Standard & Poor’s, one level lower than the Shenzhen-based borrower’s corporate credit grade, according to a March 4 statement from S&P. Five-year BBB rated dollar bonds from Asian companies offer an average spread of 221 basis points, according to HSBC Holdings Plc indexes.