China’s Pinduoduo taps CB trend for $875m

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By Jonathan Breen
26 Sep 2019

Nasdaq-listed Pinduoduo became the latest in a growing line of Chinese companies to tap the US convertible bond market, pocketing $875m after pricing its debut issuance at the tight end of guidance.

The issuer, which runs an e-commerce platform on the mainland, appointed Bank of America, Barclays and Goldman Sachs as active bookrunners to sell its CB. The bond is backed by its American Depository Shares (ADS). UBS had a junior role on the syndicate.

The bookrunners launched the deal ...

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