kerry-properties-issues-convertible-after-hitting-record-high

Kerry Properties issues convertible after hitting record high

A scarcity of Asian CBs so far this year and a good track record lead to healthy demand for the Hong Kong dollar-denominated deal.
Kerry Properties last night issued $300 million worth of Hong Kong dollar-denominated convertible bonds, which achieved a 35% conversion premium on a day when the stock finished at a new record high.

Even so, the issue was multiple times covered, according to a source, who noted that the poorer than expected issuance of CBs so far this year has added to investor appetite. The fact that Kerry has an investment grade rating BBB- and is viewed as a bluechip within the Hong Kong real estate space also likely helped draw buyers, but even more importantly the developer has an outstanding convertible that was issued in March 2005 and which is deeply in the money...
¬ Haymarket Media Limited. All rights reserved.

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