CSIC repeats peer's award-winning PSBC exchangeable

State-owned shipbuilder monetises bulky bank investment by replicating a similar deal six months ago. Will other cornerstones, such as troubled HNA Group, do the same?

If something's worth doing, it's worth copying  and equity capital market deals are no exception.

China Shipbuilding Industry Corporation CSIC underscored that point on Wednesday, when it sold $1 billion of bonds exchangeable into shares of Hong Kong-listed Postal Savings Bank of China PSBC. Rather than dreaming up something completely new, CSIC largely followed the model set just six months earlier by Shanghai International Port Group.

The earlier convertible was hailed by FinanceAsia's awards judge as 2017's Best Equity Deal for achieving a near-impossible mission  monetising PSBC's notoriously illiquid shares through the equity-linked route.

...

¬ 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 (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, 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 (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222