Chinese lottery company sells $105 million CB

Rexlot shrugs off the volatile market to bring the first Asian convertible bond in almost two months.
<div style="text-align:left;">
A Chinese man hides his identity behind a mask after winning the $26 million jackpot in the China Sport lottery in July (AFP) </div>
<div style="text-align:left;"> A Chinese man hides his identity behind a mask after winning the $26 million jackpot in the China Sport lottery in July (AFP) </div>

Rexlot Holdings, a provider of systems, machinery and services for the lottery market in China, surprised the market last week with a Hong Kong dollar-denominated convertible bond the first Asian equity-linked deal since Posco sold $320 million of yen-denominated bonds exchangeable into SK Telecom in early August.

The five-put-three deal, which was arranged by Daiwa Capital Markets, hit the market after the close of Hong Kong trading on Wednesday, even as global equity markets continued to struggle and Rexlot was trading close to its 12-month low from a month ago. At the time of the deal, the share price was down 42% so far this year.

...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222