CapitaLand issues 10-year CB after hiatus

One of Asia's most prolific convertible bond issuers returned to the market for the first time in a year-and-a-half on Thursday with an S$650 million $493 million transaction to fund a tender offering for three existing equity-linked deals. 

Singapore property developer CapitaLand has a reputation for executing extremely long-dated transactions by Asian standards and its new 10-year deal with a seven-year put was no exception. Its last deal in September 2013 was similarly 10-years in maturity with a five-year put. 

The tender offering and new convertible is part of a balance sheet management exercise to bring down funding costs and extend its maturity...