CCT brings second Reit CB in three days

CapitaCommercial Trust sells S$225 million worth of five-year CBs with the support of a few large investors.

CapitaCommercial Trust has raised S$225 million $161 million from a five-year convertible bond that was said to have been more than twice covered, but still traded down slightly in the grey market. 

Arguably, the terms were fairly aggressive -- for one there is no put, which means the effective maturity is five years -- and it quite quickly became clear that the Singapore dollar-denominated bonds would price at the investor-friendly end.

The hesitation among investors may also have...

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