China’s Ctrip seeks $1bn from convertible

The mainland travel agent runs to the convertible bond market one month after an unsuccessful bid for Qunar, another Chinese travel site.

China’s Ctrip seeks $1bn from convertible

Chinese travel agent Ctrip.com International launched a dual tranche convertible bond issue on Thursday evening under the sole lead of JP Morgan. The $1 billion deal, with a $150 million upsize option, is scheduled to price mid-morning Asian time on Friday.

The first tranche has a five-year maturity and a three-year put option, according to a source close to the deal. These notes due in 2020 are being offered on a coupon range of 0.75%...

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