SMIC returns with $450m convertible

The Hong Kong- and New York-listed semiconductor manufacturer tapped the equity market for the second time, three years after its debut convertible debt issue.

SMIC returns with $450m convertible

Semiconductor Manufacturing International Corp SMIC returned to the equity linked market on Tuesday with a $450 million Reg-S only convertible bond offering that received a similar level of strong demand to its debut offering in 2013.

SMIC marketed the new deal at a base size of $300 million and was met with massive demand, which according to one source amounted to nearly six times the deal size.

Such strong demand allowed sole...

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