cb-market-heats-up-as-maoye-brings-third-deal-in-a-week

CB market heats up as Maoye brings third deal in a week

The Chinese department store operator raises $150 million from an upsized Hong Kong dollar-denominated deal.

This story has been corrected to note that the final deal size is $150 million, not $200 million.

Rumours that a Hong Kong-listed retailer was looking to issue a convertible bond had been doing the rounds for a week and yesterday evening they proved correct when Maoye International launched and priced a HK$1.17 billion $150 million five-year deal with a three-year put.

The Hong Kong dollar-denominated Reg-S deal, which was increased from a base size of $125 million, was the third CB to price in Asia in the past seven days and the second this week, suggesting that momentum is finally starting to build in a market that has been rather quiet...

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