Lotte Shopping raises $900 million from dual-currency CB

Korea’s Lotte Shopping last Wednesday raised about $900 million from the first dual-currency convertible bond in Asia ex-Japan in almost five years. The deal received strong interest despite a negative to flat yield and the continued volatility in financial markets and while the share price fell 7.2% yesterday, the CB held up quite well with one of the tranches trading above par and the other slightly below.