Strong demand for first renminbi CB since July

Hong Kong-listed Fu Ji Food taps the market for at least $175 million as the Hang Seng Index rallies above 29,000 points.

Fu Ji Food and Catering Services last night issued a renminbi-denominated convertible bond that offered a clear reminder of how few CB deals there have been recently, despite the surge in the secondary markets. In Hong Kong, the Hang Seng Index jumped 2% yesterday surpassing the 29,000 mark for the first time and finishing at yet another record close of 29,133 points.

The Rmb1.32 billion $175 million deal was snapped up in about two hours and then proceeded to trade...

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