CapitaLand and Hengan jumbo CBs divide opinion

20 May 2013

Two jumbo convertible bonds hit the market on the same night this week following a lull in big CB transactions in Asia this year. The investment grade borrowers both got their deals away comfortably but took very different approaches to pricing and structuring.

Singapore real estate firm CapitaLand was first out of the blocks on Monday night, opening books at 6.30pm for its S$600m ($476m) seven year bullet.

The final coupon came at close to the best end of terms for investors, at 1.85% from a marketing range of 1.375%-1.875%. The ...

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