Hongkong Lands CB

Highest rated CB of the year draws strong response.

Singapore listed Hongkong Land Holdings raised $400 million from a convertible on Tuesday December 6. The JPMorgan and UBS led deal drew a strong response, which led to an increase in the issue size and an upward revision of terms.

The deal size was increased from $350 million to $400 million and the coupon priced at 2.75% after being marketed on a range of 3% to 3.5%. The seven-year non puttable deal has an issue and redemption price of par.

It also has a conversion premium of 20.3% to the group's spot close on Tuesday and is callable after five years and two weeks subject...

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