Hongqiao CB

China Hongqiao prices $150 million CB at investor-friendly end

The deal is completed despite numerous investor concerns, but the bonds fall well below par in the secondary market.
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Aluminium busbars waiting to be shipped to Hongqiao's clients
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<div style="text-align: left;"> Aluminium busbars waiting to be shipped to Hongqiao's clients </div>

After a drawn-out bookbuilding that lasted almost 12 hours, aluminium producer China Hongqiao Group early yesterday morning priced its five-put-three convertible bond at the investor-friendly end, resulting in a 6.5% coupon and yield, and a 25% conversion premium.

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