CRRC may set offshore CB revival in train

CRRC's $1 billion offshore convertible bond plan, approved less than a month after a new regulatory regime came into force, could be a boon for equity-linked bankers.
No more waiting for offshore CB approvals
No more waiting for offshore CB approvals

If the latest actions of China Railway Rolling Stock Corporation, or CRRC, are any guide, Chinese companies are poised to embrace the country's newly streamlined approvals process by venturing offshore to raise fresh equity-linked debt capital.

On Friday the world’s largest locomotive manufacturer won board approval to issue $1 billion worth of H-share convertible bonds, giving debt capital market and equity-linked bankers every reason to get excited about a potential new boom in business.

That's because CRRC's announcement comes less than a month after China’s National Development and Reform Commission, or NDRC, unveiled its revised set of debt issuance rules. 

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