Baosteel seals $500m bond exchangeable into CCB

The Chinese steel heavyweight is potentially offloading its equity stake in China Construction Bank through an exchangeable bond structure in Hong Kong.

Baosteel Group, the world’s fourth-largest steel producer by production volume, completed its second equity-linked issuance in 12 months on Tuesday by printing a $500 million zero-coupon bond exchangeable into the Hong Kong shares of China Construction Bank.

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