Beijing Enterprises raises $275 million from CB

The hotly contested deal attracts good demand despite fairly aggressive pricing as investors buy the equity story, while taking comfort in the company's status as a quasi-sovereign issuer.

Beijing Enterprises on Friday became the first Hong Kong-listed company to issue a publicly marketed convertible bond since May last year. Despite fairly aggressive pricing, the deal was well received and upsized by 21%, which allowed the Chinese utilities company to raise HK$2.15 billion $275 million.

According to sources, the five-year bond, which can be put back to the company after three years, was about 2.5 times covered and attracted 50 or so investors in the close to...

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