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,...

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