ReneSola breaks CB drought with $175 million deal

The US-listed solar wafer and module manufacturer becomes the first Chinese company to sell convertible bonds this year and the first Asia-based issuer to come to the CB market since mid-January.

Solar wafer and module manufacturer ReneSola yesterday became the first Chinese company to issue a convertible bond this year with a $175 million seven-year deal that priced after the US market closed on Wednesday.

The offering, which was arranged by Barclays Capital and Credit Suisse, also broke the near-two-month dry-spell of CB issuance by Asia-based companies and the fact that it went well should encourage other potential issuers, CB bankers said.

Indeed, less than 24 hours later, Singapore-listed CapitaMall Trust raised $197 million from a sale of Singapore-denominated three-year CBs that was also arranged by Credit Suisse. In addition to being quite small, neither deal...

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