Singapore Petroleum launched a $184 million convertible after Asia's close on Friday, raising funds to finance the purchase of a stake in Singapore Refining from British Petroleum.
The JPMorgan led deal had a five put three structure, with no call option. The only part of the deal to be marketed on a range to investors was the yield, which was indicated at 1.5% to 1.75% and priced at the wide end because of high investor sensitivity.
Final terms comprise an issue and redemption price of par, coupon of 1.75% and four-year put at par. The conversion premium was fixed at 47% to the stock's S$2.65 close.
While aggressive,...
