Chinese developers extend equity-linked hot streak

In January alone, equity-linked deals have raised more than half last year's total. Future Land and Powerlong are the latest, shunning straight bonds to capitalise on property sector strength.

What a difference a few months make to the equity-linked market.

Two Chinese real estate developers with similar credit profiles raised a total of $555 million through short-dated convertible bond sales on Monday, extending a dramatic streak of equity-linked issuance in Asia ex-Japan since the beginning of the year.

Both Future Land Development and Powerlong Real Estate found success for their respective bond offerings on the back of the property sector’s strength in the equity market, enabling them to upsize their deals in full.

In doing so, they extended a January hot streak for the equity-linked market. Equity-linked issuance had been in the doldrums...

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