Kingsoft Corp, a Hong Kong-listed software developer, last night became the first company to issue a convertible bond of size in Asia since late May.
The Hong Kong dollar-denominated deal was upsized in full and ended up raising HK$1.356 billion $175 million.
The deal was well received by both hedge funds and outright investors thanks to a decent coupon and a stock lending facility. And since most Chinese internet technology companies are listed in the US, it offered CB investors in the region a rare opportunity to get exposure to the sector.
It remains to be seen, however, whether it will...