Guocoland achieves low yield on two-tranche CB
The little-known Singapore developer attracts interest following its recent acquisition of a Beijing development project.
Singapore-listed Guocoland yesterday sold S$690 million $456 million of dual-tranche convertible bonds that will go towards the acquisition of a 90% stake in a Beijing property development project, sources said last night.
Because of the transformational nature of that $750 million acquisition, which has been announced earlier, the company was able to achieve a quite aggressive pricing on the bonds despite the widespread downturn in Asian equity markets earlier in the day. This included a yield of only 0.6% on...
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