Agile Property sells $500 million CB

The Chinese developer achieves the highest conversion premium for an Asian CB in more than three years, and still manages to upsize the deal by 25%.
Chinese workers at yet another property projct.
Chinese workers at yet another property projct.

Agile Property Holdings last night raised $500 million from an upsized convertible bond that met with enthusiasm from investors, despite aggressive-looking terms.

While the Chinese property developers have been repeatedly tapping the high-yield dollar market since early last year, there hasn’t been much CB issuance from the sector. And observers said investors had been waiting for a deal from Hong Kong-listed Agile, which is one of the strongest and best understood credits in the sector.

The deal came on the back of a 35.4% gain in Agile’s share price from its 2011 low on March 11, including a 13% rally during the past five days. It is...

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