State-owned China Railway Construction Corp CRCC has executed the first H-share convertible since a new debt issue filing system came into force last September, raising $500 million from a deal that priced overnight on Monday.
The five non-call three-year offering came as something of a surprise to many market participants given it was launched on a day when Hong Kong’s benchmark Hang Seng Index dropped to its lowest level since September 2012.
Timing also appeared hardly ideal for CRCC since its stock price has more than halved since April last year and fallen 22.58% in the year to Tuesday’s close. Furthermore, the deal was completed before the...
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