Evergrande extends equity-linked craze

Booming market gets another boost as China’s third-largest home seller pulls off $2.3 billion convertible bond issue. But lacklustre demand initially saw the deal undergo a last-ditch restructure.

Evergrande extends equity-linked craze

China Evergrande Group is the latest to join the convertible craze after the highly-leveraged home seller raised HK$18 billion $2.3 billion from a five-year issue on Tuesday, becoming the fifth Chinese property developer to tap the primary market this month.

Evergrande’s new deal came hot on the heels of a pair of its smaller rivals, namely Future Land and Powerlong Real Estate, which printed $555 million worth of one-year convertible bonds on Monday....

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