CapitaLand sells convertibles with record 10-year maturity
The company's solid growth outlook and past share price performance instill confidence in investors and allow for a high premium.
SingaporeÆs largest property developer CapitaLand has raised S$350 million $221 million from the sale of convertible bonds with the longest maturity ever seen in Asia.
The bonds, which mature in 10 years but can be put back to the issuer at par after seven, also carry a high conversion premium of 42.8% which is partly a function of the long duration but also a testament to the bluechip quality and popularity of the issuer.
CapitaLand's stock has risen...
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