Hongqiao attempts to raise $150 million from fifth CB in a week

The Chinese aluminium producer launches an unhedgeable CB with an unpopular upsize option and greenshoe.
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An aluminium smelter in China
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<div style="text-align: left;"> An aluminium smelter in China </div>

After a slow start to the year, the convertible bond markets in Asia have perked up in the past week as issuers are trying to take advantage of a demand for new paper among investors. Since last Tuesday no fewer than four deals have hit the market, including a $130 million issue from Indian mid-cap Amtek India that priced late Monday.

However, it still doesn’t really feel like the beginning of a bull market. Aside from Khazanah Nasional’s well-received Islamic exchangeable into Hong Kong-listed Parkson Retail, the deals have either performed poorly or attracted investors with the help of letters of credit and asset swaps in combination with generous terms....

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