Good Estates planning

Chinese Estates breathes life into a moribund CB market.

Chinese Estates rode to the relief of the regional convertible market yesterday with a HK$1.5 billion $193 million deal on Wednesday. The five-year bonds have a zero coupon and a zero yield and were issued at par.

The conversion price is set at 15% above the reference share price of HK$6.408, which was the volume weighted average share price for Wednesday trading in Chinese Estates stock. The stock on Wednesday had traded up a...

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