Qihoo tackles choppy markets head on with $900m CB

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By Rev Hui
07 Aug 2014

Internet security provider Qihoo 360 Technology has priced the largest convertible bond from an Asian ex-Japan issuer in four years, taking home $900m on August, 1 in spite of a challenging market backdrop.

More than 110 accounts poured into the deal, arranged by joint bookrunners Citi and Credit Suisse, to leave the books more than three times covered. Around 60% of the bids were from the US.

“If you take into consideration the choppy market conditions we faced, the aggressive terms ...

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