CRCC returns with CNH-linked convertible

The state-owned railway manufacturer sold its second convertible bond this year — but this time it made sure to reduce its currency risk.

CRCC returns with CNH-linked convertible

The US dollar has long been the currency of choice for Asian convertible bond issuers. But a spate of recent deals suggests the trend is changing. The most recent example is China Railway Construction Corp, which priced a Rmb3.45 billion $500 million renminbi-linked convertible bond late on Wednesday.

CRCC's bond sale was the third equity-linked issuance over the last five months where an issuer chose to avoid exposing itself to dollar volatility. It is...

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