Hang Lung develops new CB sector

Asia''s first public convertible bond denominated in Hong Kong dollars shows CSFB''s innovative touch.

Continuing to build on its reputation for market leading transactions, the bank has issued an increased HK$2 billion $257 million offering for Hang Lung Properties, formally known as Amoy Properties. The speed of execution and size of transaction achieved are also all the more remarkable for the fact there have only ever been two small privately placed issues in Hong Kong dollars before, both issued a decade ago.

Having been awarded a mandate on Tuesday evening, the bank completed the deal within the space of 40 hours, with books closing five times oversubscribed. As a result of the strong demand and the borrower's desire to achieve size over aggressive pricing, the deal was increased...

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