Country Garden opts for convertible

The $500 million CB is paired with a share buy-back to address a desire among investors to be able to hedge the equity option.

Chinese property developer Country Garden Holdings has raised Rmb3.6 billion $500 million from the sale of convertible bonds three months after it called off a $1.5 billion high-yield bond offering in response to difficult market conditions.

The financial markets havenÆt really improved since then and Country GardenÆs share price has also fallen another 46%, which makes a CB a good funding choice for the company since it allows it to raise equity funds at a future share price. Investors...

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