Sino Land springs CB

The Hong Kong property developer follows Hang Lung''s lead with a second Hong Kong dollar-denominated deal.

Pricing of a HK$1.5 billion $193 million convertible has been described as cheap but fair by most market participants and as a result, barely moved from par right through the grey to secondary market trading yesterday Tuesday.

Lead manager Merrill Lynch was felt to have a relatively difficult job on its hands putting together a transaction which would not prove too costly for the company and yet investors would still buy when they had a much stronger credit to choose from in Hang Lung Properties, whose HK$2 billion deal has also performed extremely since its launch in early March.

Terms subsequently comprised a five-year final maturity, coupon of 3.75%, yield of 4.75%...

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