YuHua Education rolls over debut CB with HK$2bn issue

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By Jonathan Breen
05 Dec 2019

China YuHua Education pocketed HK$2.02bn ($258.5m) from a convertible bond this week to buy back its outstanding CB, printing a deal that was tailored for hedge funds, writes Jonathan Breen.

Hong Kong-listed YuHua debuted in the CB market in January, selling the year’s first equity-linked deal in the region. That 363-day transaction raised HK$940m off the back of bumper hedge fund demand.

The issuer returned to the market on Tuesday, with a view to raising HK$2bn from an issue of five year notes. The CB ...

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