Sino-Forest's $300 million CB attracts good demand

The Toronto-listed forestry plantation company prices at the mid-point of terms despite competition from a second CB by an Asian issuer in the market at the same time.

After almost three weeks of no convertible bond activity by Asian issuers, investors got two deals to choose from last week, worth a combined $420 million. Both issuers are listed outside of Asia, however û in New York and Toronto û and the majority of the bonds were bought by US investors.

The offering by Sino-Forest Corp, a Toronto-listed company that owns and manages forestry plantations in China and produces timber and engineered wood products, was the larger of the...

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