Lotte Shopping raises $900 million from dual-currency CB

The deal consisted of $500 million of dollar-denominated bonds and about $400 million of yen-denominated bonds, making it the largest CB in Asia ex-Japan this year.

Lotte Shopping raises $900 million from dual-currency CB

Korea’s Lotte Shopping last Wednesday raised about $900 million from the first dual-currency convertible bond in Asia ex-Japan in almost five years. The deal received strong interest despite a negative to flat yield and the continued volatility in financial markets and while the share price fell 7.2% yesterday, the CB held up quite well with one of the tranches trading above par and the other slightly below.

The deal was denominated in US dollars and...

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