SPG Land raises $150 million on a busy day for CB bankers

The renminbi-denominated deal comes as Asian equity markets take a tumble, leaving investors potentially more sensitive to price.

SPG Land has raised the equivalent of $150 million from only the third sale ever of renminbi-denominated convertible bonds in the international market as it seeks funding to pay for further land acquisitions. The bonds, which are settled in US dollars, were bought primarily for the equity story, observers say.

The mid-sized Shanghai-based developer could probably have hoped for a better day for its first return to the capital markets since its initial public offering in October. Not only did...

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