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Wanda raises $400 million in dollar bonds in milestone for China property sector

By Scott Murdoch and Clare Jim SYDNEY/HONG KONG (Reuters) - Dalian Wanda Commercial Management raised $400 million in a U.S. dollar bond, a term sheet seen by Reuters showed, in...
Wanda raises $400 million in dollar bonds in milestone for China property sector © Reuters. The company logo of Dalian Wanda Commercial Properties Co Ltd is displayed at a news conference on the company's annual results in Hong Kong, China March 24, 2016. REUTERS/Bobby Yip/File Photo
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By Scott Murdoch and Clare Jim

SYDNEY/HONG KONG (Reuters) - Dalian Wanda Commercial Management raised $400 million in a U.S. dollar bond, a term sheet seen by Reuters showed, in the first publicly sold dollar bond by a Chinese property-related firm since late 2021 when the sector's debt crisis came to a head.

The company is the property services arm of commercial property developer Dalian Wanda Group.

Investor confidence in China's property sector has been hit by a string of debt defaults, and bond exchanges to extend repayments since late 2021 when the liquidity troubles of China Evergrande Group deepened, leaving companies little room to raise fresh funds offshore.

Final pricing for Wanda's 11%, two-year bond was set with a yield of 12.375%, compared to the initial price guidance given to investors of 12.625%, the term sheet showed.

A presentation by Wanda Commercial Management Group seen by Reuters said the book received 3.7 times over-subscription, with $500 million orders from long-only funds, including Blackrock (NYSE:BLK), Fidelity, Pictet AM, Invesco and PAG.

"This deal reopened the dormant China property and high-yield bond market, and received an active and positive reaction," it added.

Dalian Wanda Group did not immediately respond to a request for comment while its commercial management arm could not be immediately reached.

Blackrock, Fidelity, Pictet AM and PAG did not immediately respond to requests for comment. Invesco declined to comment.

Unlike many other Chinese developers who focus on residential projects, Dalian Wanda Group relies on rental income and has an asset-light model. Wanda will use the proceeds to refinance existing debt and for general corporate purposes, according to the term sheet.

Moody's (NYSE:MCO) assigned a rating of Ba3 to the notes, while Fitch Ratings assigned BB. Both are high-yield grades.

S&P Global (NYSE:SPGI) said in a conference call Wanda's issuance represented a good signal to the market, and it was positive for corporates to have multiple financing channels even though the offshore rates could be higher than onshore now.

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    GBP/USD 1.2058 Sell  
    USD/JPY 130.80 Buy  
    AUD/USD 0.6964 Sell  
    USD/CAD 1.3405 Buy  
    EUR/JPY 140.51 Sell  
    EUR/CHF 0.9894 Neutral  
    Gold 1,890.60 ↑ Sell  
    Silver 22.317 ↑ Sell  
    Copper 4.0705 Sell  
    Crude Oil WTI 76.83 Neutral  
    Brent Oil 83.50 ↑ Buy  
    Natural Gas 2.538 ↑ Buy  
    US Coffee C 177.28 Neutral  
    Euro Stoxx 50 4,209.31 ↑ Buy  
    S&P 500 4,145.10 Sell  
    DAX 15,320.88 ↑ Buy  
    FTSE 100 7,864.71 ↑ Buy  
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    Small Cap 2000 1,963.10 Sell  
    IBEX 35 9,172.40 ↑ Buy  
    BASF 52.950 Neutral  
    Bayer 58.95 ↑ Sell  
    Allianz 219.40 ↑ Buy  
    Adidas 153.08 Neutral  
    Lufthansa 9.653 ↑ Buy  
    Siemens AG 140.86 Buy  
    Deutsche Bank AG 11.530 ↑ Buy  
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