SJM Holdings, the Macau casino operator, has joined the growing number of companies that are choosing to raise new capital through convertible bonds, with a HK$2 billion $258 million six-year offering last Thursday. The well-received deal, which was upsized from HK$1.5 billion and priced at the investor-friendly end of the indicative terms, was in the market on the same night as two Indian issuers opened the CB market in that country after 18 months with no new issuance at all.
Equity investors seem to like the CB approach as it gives them the opportunity to be on board for further share price gains, while at the same time offering them some...
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