Chinese starch producer brings first convertible in a month

China Sun Bio-chem's deal was bought mainly for its equity story, but may signal the start of a new wave of CB issuance after the slow summer period.

Singapore-listed China Sun Bio-chem Technology Group yesterday September 6 raised $100 million from a sale of convertible bonds that bankers say could signal the beginning of a new wave of CB issuance following the market correction in May and the subsequent summer lull.

The JPMorgan-led sale, which was wrapped up in about two hours, was the first equity-linked deal to hit the Asian market since MalaysiaƆs Berjaya Land issued a $246 million ringgit-denominated bond exchangeable into lottery operator Berjaya...

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