Kerry Properties locks in funds for China expansion

Kerry Properties prices an aggressive convertible bond deal to secure finance for its land bank improvement strategy.

Kerry Properties and JPMorgan priced a punchy convertible early on Friday morning last week, securing the Hong Kong property company HK$2.5 billion $320 million in the process.

The five year bonds carry a yield to maturity of 3.57% and have a conversion premium of 35% or HK$25.995. The price used on which the conversion premium is made is HK$19.226, or 1% above the price at Thursday's close of trading. The conversion premium...

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