iQyi scores $1.1bn with record convertible

By Jonathan Breen
28 Mar 2019

Chinese streaming platform iQiyi, which is backed by internet giant Baidu, tapped the equity-linked market this week with a record-breaking deal — the largest American Depository Shares (ADS) convertible bond — and could help boost issuance in the asset class. Jonathan Breen reports.

iQiyi sold its debut convertible bond in November 2018 — a five year non-put three that started from a base size of $500m, but was bumped up to $650m on the back of strong demand and grew to $750m after the greenshoe was fully exercised. As of Thursday in ...

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