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...
To continue reading, please login or register for free