Developer OUE has become the latest issuer to join a convertible debt hot streak in Asia ex-Japan as the Singaporean property firm raised S$305 million $233 million from two bond sales on Tuesday.
In concurrent deals, the developer raised S$154.75 million from a five-year convertible bond and another S$150 million from an exchangeable bond of the same tenor, with OUE Hospitality Trust being the underlying entity.
The transaction marked Asia's first concurrent equity-linked issuance in 11 years, after South Korean construction company KCC’s three-tranche bond deal convertible bonds backed by common shares and treasury shares, and exchangeable bond into Hyundai Heavy Industries in October 2007....
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