WHARF (Holdings) yesterday launched the first Euroconvertible bond of any Hongkong company to raise US$350 million from mostly European investors. The issue, which was US$50 million larger than expected, also includes a provision known as a ''Green Shoe'' - named after the first company to include such a provision in its offering - allowing expansion by a further 15 per cent if underwriters requestit. This would take the issue to a maximum of US$402.5 million. A Euroconvertible is a Eurobond with an option to convert into shares. It will have a seven-year maturity and pay five per cent. The conversion price is HK$24.89, a 22 per cent premium to Wharf's closing price last night of HK$20.40. Morgan Stanley is global lead manager for the issue, while Credit Suisse First Boston and Wardley Corporate Finance are co-lead managers. There are eight co-managers. Wharf executives have been touring overseas to promote the bond, which comes less than two months after the company raised HK$1.27 billion from a placement. ''It went very, very well indeed,'' said a Morgan Stanley spokesman. ''We had a very strong level of demand worldwide.'' ''Most of it will go into Europe. Ten to 15 per cent will go into the US, and the remaining interest is in Asia.'' Morgan Stanley has applied to have the bond listed in Luxembourg, the usual exchange for Euro-issues. Analysts working from preliminary data had largely tipped the bond as a good buy, but some said that Wharf shares were a better-long term prospect with little extra risk. Other bond houses have reported increasing investor interest in debt-equity hybrids, which offer a risk-reward ratio somewhere between equity and bonds. Two Jardine group companies issued Euroconvertible preference shares earlier this year. One bond specialist said such instruments were ideal for both issuers and investors who were fearful of a sharp fall in share prices. Wharf directors John Hung and Edward Cheng are in Europe this week, and have been promoting the issue over the past two days.