A well-designed structure is the formula for a successful trade and that was illustrated in the case of China Overseas Holdings, which printed a whopping $1.5 billion exchangeable bond into shares of Hong Kong-listed subsidiary China Overseas Land Investment COLI on Thursday.
The seven-yearfour-year put exchangeable bond due 2023 was guided at a bidask of 100.5100.875 at launch late on Wednesday before strengthening to about 101 in secondary market trade on Thursday....