With convertible bonds coming due in 2014 to 2017, Immofinanz has been planning to issue bonds worth €550m in order to finance their redemption. It offered new convertible bonds first to its shareholders, but they’ve only picked up around 3% of them. The remainder are now going out to the open market. It’s thought they’ll have a conversion premium of 30 to 35% and a coupon of between 3.5 and 4.25%. They come due in 2018.