Seazen(SH:601155) 3 6 Ke·2025-06-16 03:00Group 1 - New City issued a $300 million three-year USD bond with a coupon rate of 11.88%, but the market price fell by 0.5-1pt from the issue price, leading to a final subscription amount of $612 million, down from $880 million [1][2] - This bond issuance is significant as it marks the first USD bond from a private real estate company in three years and is an unsecured credit bond, which helps alleviate cash outflows for the company [2][4] - The issuance timing was strategic, as the company aimed to capitalize on a favorable market window, similar to previous successful issuances by other companies like Greentown [4][10] Group 2 - New City was cautious in its approach, issuing only $300 million out of a $600 million quota, which helps mitigate repayment pressure in the future [6][7] - The company executed a quick transition from bond issuance to repurchasing maturing bonds, demonstrating careful financial planning [9][10] - The investor composition for the bond was notable, with 39% from funds and asset management companies, 55% from high-net-worth clients/private banks, and only 6% from investment banks, indicating a cautious sentiment from larger financial institutions [11]