As is usually the case, it did not take many days into the new year before the first Asian equity-linked deal hit the market. However, the $650 million to $850 million bond that is exchangeable into shares of Hong Kong-listed property developer China Overseas Land Investment COLI will be adding little, if any, net new supply, meaning some investors will have to wait a bit longer to increase their exposure.
The reason is that the proceeds from the exchangeable bond EB will be used to buy back an existing COLI EB that matures in May this year through a concurrent tender. The existing bond is in the money, but none...
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