Shanghai Industrial readies exchangeable

The parent company of Red chip Shanghai Industrial Holdings is preparing to launch an exchangeable into its subsidiary.

The mandate for a $200 million deal is expected to be decided within the next two days and follows aggressive market soundings by a number of banks that has erroneously led to reports of its award to BNP Paribas Peregrine.

The company is, however, still said to be considering a number of structures, while BNP remains one of a handful of banks alongside HSBC, JPMorgan and Morgan Stanley that are pitching for the deal. With few quality Hong Kong credits in the existing Asian CB universe and strong demand reported for every single straight bond from the Territory this year, terms are nevertheless expected to be extremely aggressive.

Convertible specialists...

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