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...
