China Evergrande Group is the latest to join the convertible craze after the highly-leveraged home seller raised HK$18 billion $2.3 billion from a five-year issue on Tuesday, becoming the fifth Chinese property developer to tap the primary market this month.
Evergrande’s new deal came hot on the heels of a pair of its smaller rivals, namely Future Land and Powerlong Real Estate, which printed $555 million worth of one-year convertible bonds on Monday. That was after Cifi Holdings sold $357 million of bonds last week and Country Garden pulled off a $2 billion deal two weeks earlier.
Guangdong-based Evergrande was a clear...
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