SJM Holdings brings CB with zero coupon and 18-month put

The $258 million HK dollar-denominated transaction comes at a time of strong focus on Macau's casino industry and attracts more than 100 investors.

SJM Holdings, the Macau casino operator, has joined the growing number of companies that are choosing to raise new capital through convertible bonds, with a HK$2 billion $258 million six-year offering last Thursday. The well-received deal, which was upsized from HK$1.5 billion and priced at the investor-friendly end of the indicative terms, was in the market on the same night as two Indian issuers opened the CB market in that country after 18 months with no new issuance...

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