Qihoo 360 serves up a storm with $900m dual-tranche CB

By Rev Hui
31 Jul 2014

Internet security provider Qihoo 360 Technology shook the market this week by launching the largest convertible bond from an Asian ex-Japan issuer in four years. The $900m size is eyecatching enough, but the offering has also been structured as a dual trancher, which is rare among issuers in the region, writes Rev Hui.

The last high profile name in Asia ex-Japan to tap the equity-linked market with a dual tranche CB was South Korea's Lotte Shopping, in June 2011, bankers said. But Lotte opted for structural twins for its two bonds, with currency (dollar and yen) the only difference between them. ...

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