Suntec Reit completes $179 million CB

Terms are fixed at the wide end, but the deal gets done without any credit bid or stock borrow.

Singapore-listed Suntec Real Estate Investment Trust has raised S$250 million $179 million from the sale of convertible bonds to help finance its earlier acquisition of a one-third stake in One Raffles Quay, an office and retail complex in the heart of Singapore.

The deal was somewhat unique among the Asian CBs issued so far this year in that it was sold without any credit bid and also without any access to stock borrow, meaning it wasnÆt a volatility trade. This...

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