Chinese gold miner taps CB market for $133 million

The deal from China Precious Metal attracts good interest from outright investors following a non-deal roadshow earlier this month and is upsized by 33%.

Hong Kong-listed China Precious Metal Resources Holdings (CPM) has raised HK$1 03 billion ($133 million) from a convertible bond that attracted good interest mostly from outright investors

Given that the deal was essentially unhedgeable – as there is no stock borrow and no asset swaps in the name – the marketing strategy focused primarily on the equity story and the company’s position as a pure gold play (it derives about 95% of its revenues from gold mining)

To drum home that story, the company did a non-deal roadshow earlier this month that was targeted mainly at outright investors in Europe And the tactic appears to have worked as, according to a source, about 70% of...

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