china-overseas-prices-500-million-exchangeable

China Overseas prices $500 million exchangeable

The issue sees strong demand despite a 50% exchange premium and a flood of new equity-linked paper over the past week.
China Overseas Holdings yesterday raised $500 million from the sale of bonds that are exchangeable into its listed property subsidiary China Overseas Land Investment COLI. Aside from the large size, the deal also stands out because of the 50% premium, which is the highest ever for a real estate developer in the Asia-Pacific.

It also matches the highest conversion premium recorded for an equity-linked deal into a Hong Kong-listed company.

The transaction comes only three days after KoreaÆs LG Philips LCD sold $500 million of convertible bonds and on the same day that Singapore-listed casino operator Genting International completed a S$450 million CB. China Infrastructure Machinery has also sold $287 million worth of...
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