CapitaLand extends debt maturity with S$1.1 billion CB

The Singapore property developer takes advantage of a perceived market window to issue yet another CB at low cost.

CapitaLand last night surprised the market by launching another convertible bond, adding further to its already bulging cash holdings. And true to form, the Singapore property developer brought a deal that was both larger and longer-dated than any other Asian CB this year - at S$1.1 billion $762 million and seven years no put respectively.

The company's previous two CBs, issued in February 2008 and May 2007, had tenors of 10 years seven-year put and 15 years 10-year put...

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