Suntec Reit raises S$280 million from pricey CB

The issuer’s investment grade rating and blue-chip assets, as well as an outstanding convertible that matures next month, help to boost demand and allow the deal to be upsized in full.

Suntec Reit raises S$280 million from pricey CB
The Suntec City office towers (AFP)

Suntec Real Estate Investment Trust has raised S$280 million $226 million from a Singapore dollar-denominated convertible bond that attracted a lot of demand despite being aggressively priced. In fact, at the final terms, the fair value was actually below par.

Even so, the deal was upsized in full from a base size of S$250 million and priced slightly inside the investor-friendly end with regard to the coupon and yield, which shows that CB investors grabbed...

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