CapitaLand raises S$650 million from seven-year CB

Singapore-listed real estate developer CapitaLand last night raised S$650 million $516 million from the sale of seven-year convertible bonds, which it will use partly to buy back part of an outstanding CB that matures in 2018.

The deal came almost two weeks after two smaller deals from Taiwan’s Asia Cement and Hong Kong-listed China Daye Non-Ferrous Metals Mining reopened the Asian CB market after two months with no issuance at all, and was no doubt aiming to tap into the improving investor demand for equities.

However, it hit the market on a busy night that saw four block trades and one other CB, a $550...