CPI placement and CB

China Power International raises $300 million from placement, CB

The Chinese power producer draws strong demand from outright and hedge fund investors, and both tranches are upsized in full.
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CPI is one of the five leading national power-generating groups in China
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<div style="text-align: left;"> CPI is one of the five leading national power-generating groups in China </div>

China Power International Development CPI has raised Rmb1.14 billion $180 million from the sale of a five-year US dollar-settled convertible bond, and raised HK$930.8 million $120 million from a concurrent top-up equity placement.

The deal met with robust demand, leading the bookrunners to exercise the $30 million upsize option in full for both the CB and the placement, allowing them to increase the size to $180 million and $120 million, respectively. The total size of about $300 million represents 20% of the company’s market cap of about $1.5 billion.

CPI’s deal followed a couple of successful CB deals in the last few weeks. Early this...

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