Keppel Land brings second Singapore convertible in a week
The government-linked property company opts for rare coupon-paying structure and no call, which helps it achieve aggressive pricing.
Singapore property developer and landlord Keppel Land last night May 16 raised S$250 million $159 million from its first ever convertible bond. The issue met with good demand partly because of the issuerÆs name and partly because it came out of a market that has been underrepresented in terms of CB issuance this year, sources say.
Deutsche Bank acted as sole bookrunner on the transaction, which includes a S$50 million $32 million greenshoe that can be exercised within 30 days....
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