Chinese property developer Sunshine 100 Holdings raised $200 million from its debut convertible bond sale on Thursday, turning to equity investors to partially refinance an existing 12.75% vanilla bond that falls due next year.
The B-B- rated company's switch from straight debt to convertible debt financing came as a surprise to some bankers. Asia's sub-investment grade rated companies have shunned the Asia ex-Japan convertible bond market in recent years, relying on conventional bonds and bank loans to hit their funding targets.
That gave the five year deal puttable and callable after three years a scarcity value that...
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