CRRC steams in with equity linked deal

Chinese rolling stock manufacturer ignores volatile markets to complete debut convertible bond offering exactly one week after an industry peer.

Chinese rolling stock manufacturer CRRC Corporation executed a maiden $600 million H-share convertible bond overnight on Monday, the second deal from the sector in the space of a week

The deal by the world's largest rolling stock manufacturer closely followed a similar $500 million offering by the world's second largest engineering and construction company China Railway Construction Corp (CRCC)

CRRC’s transaction also had an almost identical structure to CRCC Both carry zero-coupons and zero-yields, with a five-year tenor and three-year put option

The main difference centred on the conversion premium CRCC marketed its deal with a 37 5% to 42 5% premium, while CRRC opted for a slightly wider range of 35% to...

¬ 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 subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], 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 subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222