Real estate convertibles are the hot ticket
A new market in convertible sukuks
Unrated Austrian real estate company Immofinanz’s convertible in January was the largest equity-linked issue from the sector in Europe – although it is dwarfed by recent issues from the Middle East.
It was archetypal of the motives of companies from the sector which are using convertible bonds: the proceeds were used for further investment in properties, in this case in Germany and central and eastern Europe, and the main attraction of issuance was the low cost of capital.
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