Xinyu Hengdeli issues renminbi CB

The watch company's generous offer marks the first BNP Paribas-led CB from China in years, but two separate deals in Indonesia this week show the bank is serious about a comeback in Asian CBs.

Chinese watch distributor and retailer Xinyu Hengdeli has raised Rmb1 billion $132 million from the sale of zero-coupon convertible bonds that took advantage of the strong demand for Chinese consumption plays. The money will be used to open at least 100 new retail outlets over the next three years to add to the 92 it had at the end of last year.

The bond issue was led by BNP Paribas and marked the return of the investment bank to the...

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