United Labs closes $125m CB in uneasy market
Hong Kong-listed United Laboratories raised $125m from a synthetic renminbi convertible bond on Monday. But bankers working on the deal had to overcome tumbling markets in the afternoon, and scepticism from some rivals about whether the company was the right name for this market.
The five year deal, puttable after two years, was worth Rmb790m in renminbi terms. It launched with a possible same-day upsize option of Rmb210m and a further Rmb200m upsize option, but neither of these were used.
Sole bookrunner HSBC priced the deal to yield 7.50% with a conversion premium
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