Hidili raises $250 million from renminbi-denominated CB

The Chinese producer of coking coal achieves a coupon of only 1.5%, but offers investors a back-ended yield-to-put of 3.5%.

Chinese coal producer Hidili Industry International Development has raised Rmb1.707 billion $250 million from a renminbi-denominated and US dollar-settledĀ convertible bond that took some time to be completed, but featured a coupon of only 1.5% that will keep down the company's annual costs.

Thanks to an additional back-ended yield, investors will still get sufficiently compensated and the CB met with quite a lot of interest. According to a source, the deal was more than four times covered, having attracted...

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