Wafer thin pricing for Henderson Land

Another year another large, aggressively priced convertible from Asia.

Henderson Land secured the most aggressive negative yield structure in the Asian convertible universe yesterday with the pricing of a HK$5.75 billion $737 million deal via Goldman Sachs. Like every large convertible put out to competitive bid, final terms were controversial and the deal needed to be re-priced before it could clear the market.

Three banks - Credit Suisse First Boston, Goldman Sachs and Morgan Stanley - are believed to have bid for the mandate, with Goldman awarded the deal on Wednesday after pitching the most aggressive put price - the main variable. A deal was subsequently launched at par after Asia's close Thursday, only to be re-priced at 99% three hours...

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