China High Speed re-opens renminbi CB market
A strong equity story and a share swap to facilitate hedging of the equity option allow the wind power company to achieve a zero coupon and a 30% conversion premium.
China High Speed Transmission has raised Rmb2 billion $285 million from the sale of renminbi-denominated convertible bonds, taking advantage of a slight improvement in the credit markets. The offering, which was launched and priced on Tuesday night, also came on the back of a strong earnings report that sparked confidence about the share price outlook. The stock soared 22% on Monday and Tuesday this week, although half of that came before the release of the full-year earnings.
The manufacturer of...
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