Soho China pulls off Asia's largest CB this year

The Hong Kong dollar-denominated CB is priced with a 3.75% coupon and raises $360 million towards further acquisitions.

Commercial property developer Soho China last night raised HK$2.8 billion $360 million from a convertible bond, which primarily tapped into fundamental demand for the stock, and a belief that the current recovery in the Chinese property sector is set to continue, rather than conventional demand for CBs.

The terms were fixed at the most generous end from an investor point of view, but the company still managed to achieve quite an attractive borrowing cost with an annual coupon at...

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