VTB Capital has been mandated as a joint lead manager and joint bookrunner for the placement of a USD 125 million high-yield bond issue for Redco Properties Group Limited. The bond will be listed on the Hong Kong Stock Exchange and priced with a coupon of 13.75% and a five-year maturity.
VTB Capital has been mandated alongside a syndicate of other leading investment banks including HSBC, Morgan Stanley, ICBC International and others.
This deal marks VTB Capital’s third bond placement for Chinese issuers since May 2014. VTB Capital was mandated as a joint lead manager and joint bookrunner on the placement of the USD 300 million Reg-S high-yield bond issue for Logan Property and was mandated as a joint bookrunner and joint lead manager on the placement of CNH 1 billion offshore renminbi bonds in the Reg-S format for Beijing Capital Company Limited, which was listed on the Hong Kong Stock Exchange.
Damian Chunilal, CEO Asia for VTB Capital, said: “With a strong team in Asia, VTB Capital continues to actively develop its business in China. This transaction is further confirmation of VTB Capital’s achievements and expertise in the region’s markets.”
Andrey Solovyev, Global Head of DCM at VTB Capital, commented: “Redco Properties Group Limited’s high-yield bond placement is an important step for VTB Capital’s international business strategy. We have developed a strong expertise in the Asian market, and we look forward to long-term cooperation with local companies and the debt capital markets”.
Redco Properties Group Limited is an integrated residential and commercial property developer primarily focusing on residential property development in China.
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