Orix suffers after ¥150bn convertible issue
Orix Corp, the Japanese trading house, saw its shares suffer this week after it priced a ¥150bn convertible bond in the domestic retail market on Tuesday.
Daiwa SMBC Securities lead managed the issue, the largest CB so far in 2008 and one of the largest public issues from Japan this decade.The bonds, which mature in April 2014, were offered with a fixed coupon of 1% and a conversion premium set at 25% above the ...
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