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Nio wins tight pricing for $1.3bn dual-tranche CB
Electric vehicle manufacturer Nio raised $1.3bn from a dual-tranche convertible bond this week, while trimming its existing debt with a concurrent buyback.
Underwriters CICC, Credit Suisse, Goldman Sachs and Morgan Stanley opened the books for two $650m tranches, a five year and six year CB, in US hours on Monday. The 2026 and 2027 tranche have three and four-year put options, respectively.
The banks were able to drum up early ...Already a subscriber? Login
