Hongqiao attempts to raise $150 million from fifth CB in a week

The Chinese aluminium producer launches an unhedgeable CB with an unpopular upsize option and greenshoe.

Hongqiao attempts to raise $150 million from fifth CB in a week

After a slow start to the year, the convertible bond markets in Asia have perked up in the past week as issuers are trying to take advantage of a demand for new paper among investors. Since last Tuesday no fewer than four deals have hit the market, including a $130 million issue from Indian mid-cap Amtek India that priced late Monday.

However, it still doesn’t really feel like the beginning of a bull market. Aside...

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