Sinochem Hong Kong Raises $168 million from upsized convertible

Second Hong Kong-dollar denominated convertible in one week after Shui On Construction's $120 million issue suggests investor confidence is picking up.

Sinochem Hong Kong Holdings has raised HK1.3 billion $167.5 million from the sale of convertible bonds that it will use to develop its fertilizer operations and distribution network.

The Deutsche Bank-led transaction was the second CB issued by a Hong Kong-listed company last week and the largest since property developer Neo-China sold HK$1.34 billion of CBs on May 12 just as the equity market correction got under way. On Wednesday last week Shui On Construction and Materials raised...

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