New converts for Disco Bay

Property developer HKR International - of Discovery Bay fame - taps the HK dollar convertible market.

HKR International brought a five-year zero coupon convertible deal to market late Tuesday, raising HK$1.41 billion $180 million via JPMorgan.

The deal is the latest CB to come to market from Hong Kong property developers this quarter, after similar transactions from Chinese Estates and Kerry Properties in March.

The deal has a five-year maturity with a put at year three. It has a put price of 116.479%, a conversion price...

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