China Merchants Land has scooped $290m through a convertible bond priced well in its favour, as the presence of a standby letter of credit gave comfort to investors who viewed the notes as a safe bet. But the extent to which the CBs traded up following the deal seems to suggest that the issuer could have got away with more aggressive terms.
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APAC Financial Markets • #BAML, #CCBInternational, #ChinaMerchantSecurities, #ChinaMerchantsLand, #ConvertibleBond, #DBS, #Equities #Equities, #Issuance/Pipeline
Wednesday, 3 June 2015
China Merchants scores $290m in hot CB
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