Zhongsheng breaks new ground on Asian CB

Chinese car dealer takes advantage of a soaring share price and rising rate environment to price a one-year convertible bond, the shortest tenor ever seen in Asia.

Zhongsheng breaks new ground on Asian CB

Chinese auto dealer Zhongsheng Group broke new grounds in Asia’s equity-linked market on Wednesday by pricing a one-year convertible bond, the shortest tenor ever for an equity-linked product in the region.

The Dalian-based car dealer, which sells luxury brands including Mercedes-Benz and Toyota Lexus in China, raised HK$2.35 billion $301 million through the sale of a zero-coupon convertible bond that matures on October 25 next year.

Asian issuers are used to...

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