Hongqiao eyes $150m convertible to pay back loan

21 Mar 2012

Aluminium manufacturer China Hongqiao Group launched a $150m convertible bond on Tuesday, adding an option that could grow the deal to $200m. The company is raising the cash to pay back a loan from Barclays — and to expand its production.

The bond was launched at lunch time on Tuesday and trading in the stock was suspended. But the deal was not trading well in the grey market when EuroWeek Asia went to press, according to equity-linked bankers away from the deal, who said it was stuck at around ...

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