China's Hengan issues convertible with record conversion premium

An increase in capacity is expected to lead to continued earnings growth for hygiene products provider whose share price is already up 49% this year.

Hengan International Group last night April 20 raised HK$1.5 billion through the sale of five-year convertible bonds that will go partly towards an ongoing expansion of its production facilities.

The deal, which was jointly led by Deutsche Bank and UBS, was priced with a conversion premium of 50%, which was at the top end of the indicated range and the highest ever for a Hong Kong CB. The previous record was 40% on an HK$1 billion...

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