Kerry Properties locks in funds for China expansion

Kerry Properties prices an aggressive convertible bond deal to secure finance for its land bank improvement strategy.

Kerry Properties and JPMorgan priced a punchy convertible early on Friday morning last week, securing the Hong Kong property company HK$2.5 billion $320 million in the process.

The five year bonds carry a yield to maturity of 3.57% and have a conversion premium of 35% or HK$25.995. The price used on which the conversion premium is made is HK$19.226, or 1% above the price at Thursday's close of trading. The conversion premium is 33.45% above Thursday's closing price. The bonds were issued at par.

The bonds carry no investor put but do have an issuer call at year three if Kerry's shares are...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222