Longyuan sells hybrid after investors balk at share sale

China Longyuan Power’s share price has enjoyed a sharp rise since last week, when the wind farm developer made clear its intention to raise its equity levels from a $400m hybrid bond, rather than a new share sale. But it remains well below where it was trading before it angered investors with its equity raising plans.

  • 07 Dec 2012
The borrower sold a 5.25% perpetual non-call three Reg-S deal through its subsidiary Hero Asia Investment late on November 30. The bonds were priced at 491bp over three year Treasuries, and will step up by 500bp after three years if they are not called. The interest will be ...

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