Tag: convertible

CapitaCommercial Trust sells S$225 million worth of five-year CBs with the support of a few large investors. The innovatively structured deal gets a triple-A rating from both Moody's and S&P, allowing the Singapore-listed trust to achieve a coupon of just 1.6%. Bakrieland prices its $150 million deal after 1.5 days of marketing, while $350 million worth of bonds exchangeable into YTL scrape through at quite aggressive terms. The Indonesian property developer is offering bonds with a coupon of up to 8.625% and a conversion premium of 20% to 25%. The deal is expected to price tomorrow. The Hong Kong-based shipping company executes a deal that is viewed as well priced, and only two days after Vedanta issues another well-received deal, sparking hopes of a ... A larger-than-usual amount of puts and redemptions this year, as well as a renewed desire for growth capital, is generating a lot of dialogue between potential issuers and CB ... Berlian Laju Tanker replenishes its coffers ahead of an expected convertible put in May and as it pursues the acquisition of a Norwegian liquid tanker company. The $200 million deal is re-offered below par from the start, sparking a lot of noise about it not being fully distributed, but sources say the underwriter is not long any bonds. Ying Li says the money from the Singapore dollar-denominated deal will be used to acquire two new sites and to start the development of an office and retail project in Chongqing. The Chinese producer of coking coal achieves a coupon of only 1.5%, but offers investors a back-ended yield-to-put of 3.5%. Far East Consortium raises HK$800 million from a Hong Kong dollar-denominated CB which is priced at best terms for investors. The exchangeable bonds into Unimicron and Novatek carry a negative 0.5% annual yield, which is made possible by an asset swap covering virtually the entire deal. The $300 million seven-year deal comes with a one-year put and a low coupon, as well as a synthetic stock borrow arrangement that helped to attract hedge funds. On the back of a strong rally in its share price, property developer Vincom issues bonds that are convertible into equity at a 5% premium. The Korean bulk carrier raises $200 million to part fund a recent purchase of new ships. The share price falls 10.5% during the marketing as investors position themselves to hedge the $500 million convertible, but recovers the majority of the loss the following day. The Indian infrastructure play raises $600 million, of which two-thirds comes from the sale of new shares at a 1.1% discount. Separately, Welspun increases its recent CB to ... The $100 million upsize option increases Olam's initial seven-year convertible bond to $500 million. Welspun Gujarat raises $130 million, while Sesa Goa sells $500 million worth of CBs, putting India back on the radar screen after 18 months with no CB issuance. The $258 million HK dollar-denominated transaction comes at a time of strong focus on Macau's casino industry and attracts more than 100 investors.