Real estate convertibles are the hot ticket
Asian boom
While Europe has enjoyed a boom of real estate convertible issuance, the Middle East has come from nowhere to become a big market.
It started in January 2006 with a $3.5 billion pre-IPO convertible sukuk (Islamic law-compliant bond) for the Ports, Customs and Free Zone Corporation (PCFC), a subsidiary of DP Ports, the Dubai company which bought UK ports and ferries operator P&O in January 2006.
Other than the intrinsic merits of PCFC, the attraction for many investors was the ability to gain exposure to Middle Eastern stocks, many of which are either illiquid or have restrictions on foreign ownership.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
