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GC Asia
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 company’s 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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