Even so, the issue was multiple times covered, according to a source, who noted that the poorer than expected issuance of CBs so far this year has added to investor appetite. The fact that Kerry has an investment grade rating BBB- and is viewed as a bluechip within the Hong Kong real estate space also likely helped draw buyers, but even more importantly the developer has an outstanding convertible that was issued in March 2005 and which is deeply in the money...
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