CapitaCommercial Trust has raised S$225 million $161 million from a five-year convertible bond that was said to have been more than twice covered, but still traded down slightly in the grey market.
Arguably, the terms were fairly aggressive -- for one there is no put, which means the effective maturity is five years -- and it quite quickly became clear that the Singapore dollar-denominated bonds would price at the investor-friendly end.
The hesitation among investors may also have been due to the fact that this was the second CB by a Singapore-listed real estate investment trust Reit in just three days, following Ascendas Reit's collateralised S$300 million offering on Monday. CB investors are...
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