Kerry Properties issues convertible after hitting record high
A scarcity of Asian CBs so far this year and a good track record lead to healthy demand for the Hong Kong dollar-denominated deal.
Kerry Properties last night issued $300 million worth of Hong Kong dollar-denominated convertible bonds, which achieved a 35% conversion premium on a day when the stock finished at a new record high.
Even so, the issue was multiple times covered, according to a source, who noted that the poorer than expected issuance of CBs so far this year has added to investor appetite. The fact that Kerry has an investment grade rating BBB- and is viewed as a bluechip...
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