CRCC returns with CNH-linked convertible

The state-owned railway manufacturer sold its second convertible bond this year — but this time it made sure to reduce its currency risk.

The US dollar has long been the currency of choice for Asian convertible bond issuers. But a spate of recent deals suggests the trend is changing. The most recent example is China Railway Construction Corp, which priced a Rmb3.45 billion ($500 million) renminbi-linked convertible bond late on Wednesday.

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