RexLot courts outright buyers with $245m CB

Hot on the heels of China LotSynergy, RexLot taps the convertible market with its third CB since 2011.

RexLot became the third Hong Kong-listed company this week to price a convertible deal when it closed a HK$1.9 billion $245 million bond late Wednesday, as issuers rush to the market while share prices remain high.

It was also the second Chinese lottery company in as many days, though it was a coincidence that the deal came so soon after China LotSynergy’s $75 million bond, according to one source familiar with RexLot’s plans. It is also the third company in the past week with a kingly name, after Kingsoft and Kingdee.

The rush of issuance has coincided with the end of...

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