chinese-steel-maker-issues-renminbi-cb

Chinese steel maker issues renminbi CB

Delong Holdings raises $175 million amid a positive earnings story and rising steel prices.
Chinese steel manufacturer Delong Holdings has raised about $175 million from another renminbi-denominated, US-dollar settled convertible bond at a time when the previous four such deals are still trading below par.

This time, however, terms looked slightly less aggressive which was seemingly confirmed by the fact that the offering was five times covered at the cheap end and that the bonds were quoted at 100.5 in the grey market following the pricing early last night. The Singapore-listed companyÆs good track record and expectations that it will embark on more earnings enhancing acquisitions likely helped attract investors, but according to sources, CB players were also drawn to the deal simply because it offered diversification away...
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