Updated: Momo snags $650m CB amid China jitters

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By John Loh
27 Jun 2018

Nasdaq-listed Momo this week bagged $650m from its first convertible bond, shrugging off a volatile market to close the deal multiple times covered.

Bookrunners Credit Suisse, JP Morgan and Morgan Stanley launched the Chinese mobile social networking platform’s debut equity-linked fundraising on Tuesday. 

The trade was marketed with a coupon of 1.0%-1.5%, lower than some recent offerings from US-listed Chinese issuers. The leads also pitched a conversion premium of between 40%-45%. On ...

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