Sino Land springs CB

The Hong Kong property developer follows Hang Lung''s lead with a second Hong Kong dollar-denominated deal.

Pricing of a HK$1.5 billion $193 million convertible has been described as cheap but fair by most market participants and as a result, barely moved from par right through the grey to secondary market trading yesterday Tuesday.

Lead manager Merrill Lynch was felt to have a relatively difficult job on its hands putting together a transaction which would not prove too costly for the company and yet investors would still buy when they had a much stronger credit...

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