Beijing Datang and China Travel price CBs

Two rare deals from the Hong Kong/China sector.

Two China related transactions have slipped into the convertible market ahead of the expected autumn rush from Taiwan. Of the two, a $150 million convertible for Beijing Datang Power stands as a true benchmark since it is the first convertible from the H share sector since Huaneng Power in early 1997 and only the third to date.

Many had long wondered whether the deal would ever get through all the regulatory and bureaucratic hurdles it faced and indeed it has been two years in the making. Part of the delay stemmed from the re-organisation of the power sector, which has led to the emergence of five core IPP groups of which Beijing Datang...

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