CHINA Overseas Land & Investment Cayman is to issue US dollar fixed-rate convertible bonds amounting to no more than 20 per cent of the issued share capital of its parent company. The parent company and guarantor of the issue, China Overseas Land & Investment, has reached an in-principle agreement with Nomura International to underwrite the issue with other managers. The bonds will be placed mainly in Asia and Europe. Net proceeds will be used to finance property development and construction projects undertaken by the parent and its group of companies. The bonds, in US$10,000 denominations, will be converted into shares in the parent company at an initial conversion price to be fixed at the end the month. Details of the issue will be announced later.