Shanghai Industrial readies exchangeable

The parent company of Red chip Shanghai Industrial Holdings is preparing to launch an exchangeable into its subsidiary.

The mandate for a $200 million deal is expected to be decided within the next two days and follows aggressive market soundings by a number of banks that has erroneously led to reports of its award to BNP Paribas Peregrine.

The company is, however, still said to be considering a number of structures, while BNP remains one of a handful of banks alongside HSBC, JPMorgan and Morgan Stanley that are pitching for the deal. With...

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