CapitaLand launches CB

South East Asia''s largest property company launches a rare offering denominated in Singapore dollars.

Following the success of a $175 million convertible for ST Assembly last week, the Singapore Technologies group has returned to the equity linked markets with an S$350 million $191.48 million issue for 60.6% owned subsidiary CapitaLand.

The five-year deal represents the first meaningful transaction to be denominated in Singapore dollars. Previous to this, there has been just one small tranche of local currency paper issued back in 1999 as part of the Finlayson Global exchange offering on behalf of the government into DBS Bank. The amount raised, however, only came to S$30 million $17 million.

Led by JPMorgan with no other syndicate, books for CapitaLand's deal are expected to close by...

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