Sino Land aims for $1.5b
Blue-chip property developer Sino Land plans to sell five-year Hong Kong-dollar denominated convertible bonds worth HK$1.5 billion. The bonds, priced late last night by global co-ordinator Merrill Lynch, will represent 11.16 per cent of Sino Land's existing shares upon conversion. They carry a coupon of 3.75 per cent, payable semi-annually, which gives a yield of 4.75 per cent. The redemption price will be 105.57 per cent of the face value, while the conversion price is HK$4.