Chinese lottery company sells $105 million CB

Rexlot shrugs off the volatile market to bring the first Asian convertible bond in almost two months.

Chinese lottery company sells $105 million CB
A Chinese man hides his identity behind a mask after winning the $26 million jackpot in the China Sport lottery in July (AFP)

Rexlot Holdings, a provider of systems, machinery and services for the lottery market in China, surprised the market last week with a Hong Kong dollar-denominated convertible bond the first Asian equity-linked deal since Posco sold $320 million of yen-denominated bonds exchangeable into SK Telecom in early August.

The five-put-three deal, which was arranged by Daiwa Capital Markets, hit the market after the close of Hong Kong trading on Wednesday, even as global equity markets...

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