another-recordbreaking-cb-from-capitaland

Another record-breaking CB from CapitaLand

The Singapore developer raises S$1 billion from the CB, which has an effective 10-year maturity and a 72% conversion premium.
SingaporeÆs largest property developer CapitaLand came back to the market on Friday May 25 with a S$1 billion $655 million convertible bond issue that will secure it a place in the record books in several respects.

Not only is it the largest CB by a Singapore issuer, but it also the longest maturity and the highest premium in Asia ex-Japan ever. The latter two go together in that the longer the maturity, the higher the premium investors are willing to accept as there will be a better chance that the share price reaches the level where the bonds convert to equity.

Still, it is hard to see many other companies being able to pull...
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