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Bond Market News
Henderson Land Shares Slide After $1bn Convertible Bond Sale
July 11, 2025
Henderson Land Development shares fell 11%, the sharpest drop since September 2021, after the company raised HKD 8bn ($1bn) via convertible bond issuance. The notes, due 2030, carry a 0.50% annual coupon which is payable quarterly. The securities had a 26.98% conversion premium over Tuesday’s close as per the filing. Henderson plans to use proceeds for general corporate purposes and potential refinancing. As per the exchange filing, the convertible bonds were issued through Happy Ever Holdings Ltd., an indirectly wholly owned unit. JPMorgan analysts saw this move as a “mild surprise”, given that convertible bonds are uncommon among Hong Kong property developers. JPMorgan analysts noted the low coupon could prompt other firms to consider similar funding routes. Henderson’s shares had climbed 20% year-to-date before the deal, closing Tuesday at HKD 28.35. This follows the financial concerns of its peers like NWD, highlighting current stress in a weakening Hong Kong property market.
While its share price fell by 11% since Tuesday, Henderson’s 3.875% 2029s traded stable, currently at 95.74 and yielding 5.18%.
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