OUE turns back clock with $233m equity-linked combo

Singaporean property developer’s concurrent convertible and exchangeable bond sale is first of its kind in Asia in more than a decade. It faced a series of challenges to win over investors.
OUE owns Mandarin Orchard, a 36-storey upscale hotel in downtown Singapore
OUE owns Mandarin Orchard, a 36-storey upscale hotel in downtown Singapore

Developer OUE has become the latest issuer to join a convertible debt hot streak in Asia ex-Japan as the Singaporean property firm raised S$305 million $233 million from two bond sales on Tuesday.

In concurrent deals, the developer raised S$154.75 million from a five-year convertible bond and another S$150 million from an exchangeable bond of the same tenor, with OUE Hospitality Trust being the underlying entity.

The transaction marked Asia's first concurrent equity-linked issuance in 11 years, after South Korean construction company KCC’s three-tranche bond deal convertible bonds backed by common shares and treasury shares, and exchangeable bond into Hyundai Heavy Industries  in October 2007....

¬ Haymarket Media Limited. All rights reserved.

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