HKR International brought a five-year zero coupon convertible deal to market late Tuesday, raising HK$1.41 billion $180 million via JPMorgan.
The deal is the latest CB to come to market from Hong Kong property developers this quarter, after similar transactions from Chinese Estates and Kerry Properties in March.
The deal has a five-year maturity with a put at year three. It has a put price of 116.479%, a conversion price of 128.948% and a conversion premium of 29.28%. Issued at par, with a zero coupon, the bonds have a yield to maturity or put of 5.15%, paid semi annually.
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