Geely Automobile revs up CB sector
Investors ask for downside protection after share price doubles since January.
ChinaÆs largest privately-owned automaker, Geely Automobile Holdings, has sold a HK$741.6 million $96 million convertible bond, which has put investorsÆ belief in the mainland car manufacturerÆs equity story to a significant test.
But after a full day of marketing and the inclusion of some extra downside protection, sole bookrunner Citigroup was able to successfully close the deal last night March 9 and the company got its money.
The five-year bonds will have a zero coupon and will redeem at...
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