Home Inns chooses home currency for CB

The deal attracts strong demand thanks to an aggressive expansion story and some scarcity of renminbi paper.

Nasdaq-listed Home Inns Hotels Management last night raised about $150 million from a renminbi-denominated convertible bond, which met with strong demand despite the volatility in both credit and equity markets. As a result, the Chinese operator of budget hotels was able to exercise the upsize option and increase the deal from the base size of Rmb900 million $121.6 million to Rmb1.1 billion.

Sources say many of the investors who came into the deal did so for the equity story, but...

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