CapitaLand last night surprised the market by launching another convertible bond, adding further to its already bulging cash holdings. And true to form, the Singapore property developer brought a deal that was both larger and longer-dated than any other Asian CB this year - at S$1.1 billion $762 million and seven years no put respectively.
The company's previous two CBs, issued in February 2008 and May 2007, had tenors of 10 years seven-year put and 15 years 10-year put respectively, and deal sizes of S$1.3 billion and S$1 billion. At the time of issue they both set a new record as the largest CB by a Singapore issuer.
The offering was priced at best...
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