A Beijing real-estate developer has tested investor
appetite under China’s challenging credit
environment, with a first-of-its-kind perpetual bond.
Sino-Ocean Land this week unveiled its landmark $400
million perpetual subordinated capital securities issue, the
first such issue by a Chinese property company. The initial
10.25% distribution, paid semiannually, is reset every 5 years
to a rate equal to the total of the 5-year Treasury rate and
any additional margins.