Kerry Properties and JPMorgan priced a punchy convertible early on Friday morning last week, securing the Hong Kong property company HK$2.5 billion $320 million in the process.
The five year bonds carry a yield to maturity of 3.57% and have a conversion premium of 35% or HK$25.995. The price used on which the conversion premium is made is HK$19.226, or 1% above the price at Thursday's close of trading. The conversion premium is 33.45% above Thursday's closing price. The bonds were issued at par.
The bonds carry no investor put but do have an issuer call at year three if Kerry's shares are...
