Derwent’s £150m deal shows that CBs are still hot property

Equity-linked products are popular with real-estate issuers looking to diversify their funding methods. The latest to do so, this week, was Derwent London, a £2.5bn market capitalisation UK real-estate investment trust that focuses on offices, which raised £150m on Wednesday through a six-year convertible bond, that priced at the best terms for the issuer even after cutting its coupon range amid strong demand.