Singapore's suntec real estate investment trust has raised S$300m (US$223m) from the sale of five-year put-three convertible bonds. The bonds were priced at a coupon or yield to put/maturity of 1.750% off an indicative range of 1.375%-1.750%. The issue came with a fixed conversion premium of 20.75% over the reference price of S$1.740. The book was well covered with more than 40 investors participating. Allocation was skewed towards outright investors and heavily scaled back hedge funds.
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