CapitaLand raises S$750 million from upsized CB

The proceeds will be used mainly to finance a tender offer for three of its outstanding convertible bonds – its second such offer in just four months.
As one of the top-quality CB issuers in Asia – it is the largest real estate developer in Singapore  – CapitaLand is also one of those names that all serious CB investors have to own.
As one of the top-quality CB issuers in Asia – it is the largest real estate developer in Singapore – CapitaLand is also one of those names that all serious CB investors have to own.

CapitaLand, a Singapore-listed real estate developer, took advantage of the positive market response to the US Federal Reserve’s decision last week to keep its bond-buying programme unchanged, selling S$750 million $596 million worth of convertible bonds.

The deal, which launched and priced on Thursday last week, came just four months after the company raised S$650 million from another CB issue. Investors did not seem to mind that the company was returning to the market this soon, however. This was partly because there has not been much new CB issuance this year and investors are happy to see new supply, artly because, like CapitaLand’s previous transaction, the deal was...

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