Yanlord issues first CB/placement combination this year

The Chinese property developer raises a total of $360 million for future land acquisitions. The S$275 million CB is completed without a stock borrow facility and carries a 26% conversion premium versus the discounted placement price.

While it is not the first Chinese property developer to tap the equity capital markets in recent months as the sector prepares to take advantage of falling prices to acquire more land, Singapore-listed Yanlord Land Group is the first one this year to use a combination of convertible bonds and new shares to achieve its funding target.

The idea of a combination deal is not new to Yanlord, which completed a similar transaction in January 2007, and sources say the...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: placement | followon | convertible | property | jp morgan | rbs

Print Edition

FinanceAsia Print Edition