Minsheng Bank attracts huge interest for A-share CB

Existing shareholders take up 71% of the $3.2 billion deal and the combined demand exceeds $200 billion.

China Minsheng Banking Corp received massive demand for its Rmb20 billion $3.2 billion A-share convertible bond that was in the market last Friday more than two years after it was first flagged.

Existing A-share holders, who had a pre-emptive right to subscribe to about 99.5% of the issue in proportion to their stake in the bank, took up about 71% and the remaining portion was more than 200 times covered potentially even more than 250 times covered, according to a source.

The total subscription amount exceeded $200 billion, which is the highest ever for an A-share CB. And since investors have to pay 20% up-front when...

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