CapitaLand prices debut convertible

The Singapore property company brings an aggressively priced convertible as it seeks to re-configure its balance sheet and extend its debt maturity profile.

An increased S$380 million $208 million five-year transaction was priced earlier than expected yesterday afternoon Asian time Thursday after books closed 2.25 times oversubscribed. The transaction set a number of firsts and for sole lead manager JPMorgan was a particularly important credibility enhancing exercise as the bank attempts to establish a firmer ECM footprint in Asia.

To win the deal, it beat Credit Suisse First Boston, Goldman Sachs, Morgan Stanley and UBS Warburg and predictably, the subsequent issue stirred controversy among convertible experts. But at the end of the day, the lead appeared to have got away with aggressive terms after correctly reading that investors are looking to move out of cash and...

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