Zhejiang Expressway nets €230m from year's debut Asia CB

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By Jonathan Breen
06 Jan 2021

Chinese toll road operator Zhejiang Expressway kick-started Asia's equity-linked market this week, dipping into euros for the year’s first convertible bond. It plans to use all the proceeds to repay debt.

The state-owned enterprise, a repeat issuer, hit the market on Tuesday evening with a €230m zero coupon 2026 CB that is callable and puttable from 2024. The deal had “long been prepared", said a source close to the deal, but the issuer waited for the right window.

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