Nio overcomes difficulties to price $650m CB

The EV maker returned to the capital market four months after its US listing and successfully raised fresh capital despite multiple headwinds. It was forced to pay up though.

Chinese electric car manufacturer Nio completed its first fundraising exercise since its US initial public offering in September, by raising $650 million from a convertible bond sale on Thursday.

The credit cost of the deal was higher than expected, as the company and its bankers navigated a host of challenges, but share investors largely welcomed the news.

New York-listed Nio, dubbed the 'Tesla of China' by both advocates and journalists seeking a handy reference point, returned cap in hand to capital markets to plug a funding shortfall in its expansion plans.

The company has said that it needs to invest $1.8...

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