Pine Agritech re-offers renminbi CB below par

The bond issue is 2.5 times covered, achieving the highest premium for a renminbi-denominated bond at 51%.

Pine Agritech, a Singapore-listed Chinese producer of soybean-based products, yesterday raised the equivalent of $263 million from the first renminbi-denominated convertible to hit the market in seven weeks. The offering attracted solid demand but the companyƆs wish to achieve a conversion premium above 50% did come at a price and the deal had to be re-offered below par.

According to sources, the decision to re-offer the bonds at 99.625% of face value, which would have eaten into the bookrunner's fees,...

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