CCT takes advantage of convertible bond scarcity to finance buyback

16 Aug 2012

CapitaCommercial Trust issued a new convertible bond this week, at the same time as launching a tender offer for an outstanding deal. The real estate trust wanted to lengthen its maturity profile, and take advantage of the scarcity of supply in Asia’s convertible bond market.

The company was able to increase the size of the deal on offer to S$175m after getting over four-and-a-half times the amount of demand needed to cover the original S$150m deal. It was also able to price the bond in the upper-end of the conversion range.

"CCT is a ...

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