Keppel Land brings second Singapore convertible in a week

The government-linked property company opts for rare coupon-paying structure and no call, which helps it achieve aggressive pricing.

Anette Jönsson

May 17, 2006

Singapore property developer and landlord Keppel Land last night May 16 raised S$250 million $159 million from its first ever convertible bond. The issue met with good demand partly because of the issuerÆs name and partly because it came out of a market that has been underrepresented in terms of CB issuance this year, sources say.

Deutsche Bank acted as sole bookrunner on the transaction, which includes a S$50 million $32 million greenshoe that can be exercised within 30 days. The bonds have a seven year maturity with a five-year put.

The convertible was the fourth from an issuer listed outside of India or Hong Kong in just over a week and like the other...

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