Shui On hybrid bodes well for 2013, say bankers
Shui On Land priced its first ever hybrid bond on Monday, finding six times the demand it needed to price the $500m deal — and fuelling hopes that the big demand will spark a wave of supply early next year.
The perpetual non-call five year bonds, sold through the companys subsidiary Shui On Development, were priced to yield 10.125%, and came with a 300bp step-up if they are not called at the first opportunity.
The company had expected to raise around $300m, but was able to increase the deal ...
The company had expected to raise around $300m, but was able to increase the deal ...
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