CRCC kicks off equity-linked with $500m CB

China train_230px
By John Loh
19 Jan 2016

China Railway Construction Corp has priced the first H-share convertible bond in Asia ex-Japan since 2007, raising $500m to get this year’s equity-linked market rolling.

Joint bookrunners CICC, JP Morgan and UBS launched the five year put three trade on Monday evening, with fixed terms that bankers called an "aggressive double zero" of 0% coupon and yield.

The Reg S only CB, whose issuer is rated A3/A-, was sold at par. Only the ...

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