China Power International raises $150 million from upsized CB

The Chinese power producer attracts a lot of interest from investors who want exposure to the SOE sector and the deal prices at the issuer-friendly end.
Li Xiaolin, chairman of CPI
Li Xiaolin, chairman of CPI

China Power International Development CPI has raised Rmb982 million $150 million from the sale of renminbi-denominated but US dollar-settled convertible bonds that met with a lot of interest from both hedge funds and outright accounts, allowing the order books to be closed after just one hour. The bookrunners also exercised the $25 million upsize option in full, allowing them to increase the size from $125 million at launch.

Investors were drawn to the deal partly because of the company’s status as a quasi state-owned enterprise, and partly because of a high bond floor, which meant the buyers had to pay less for the equity option. CPI, which is led...

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