GDH issues exchangeable, overcomes choppy HK market

GDH, a state-owned investment holding company controlled by the Guangdong Provincial Government, successfully priced a $250m exchangeable bond last week, despite rocky market conditions that have seen other equity deals struggle or fail.

  • 30 Jun 2011
The strength of the state-owned credit was a big draw for investors, as was the high coupon, according to a banker close to the deal. The five year bond pays 3%, at the top of the 2.5%-3% range, and has a 30% exchange premium, from guidance of 30%-40%. ...

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