suntec-reit-completes-179-million-cb

Suntec Reit completes $179 million CB

Terms are fixed at the wide end, but the deal gets done without any credit bid or stock borrow.
Singapore-listed Suntec Real Estate Investment Trust has raised S$250 million $179 million from the sale of convertible bonds to help finance its earlier acquisition of a one-third stake in One Raffles Quay, an office and retail complex in the heart of Singapore.

The deal was somewhat unique among the Asian CBs issued so far this year in that it was sold without any credit bid and also without any access to stock borrow, meaning it wasnÆt a volatility trade. This also makes it difficult for investors to hedge the trade.

Consequently, most of the investors who participated in the deal would have done because they expect the Reit to continue to generate solid growth. The...
¬ 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