Kunlun sells Rmb3.35bn CB with rare rating

Renminbi-box(230x150)
By John Loh
14 Jul 2016

Kunlun Energy Co printed a Rmb3.35bn ($500.99m) convertible bond this week that was settled in US dollars, but came with a rare rating that soothed fears about the renminbi's possible depreciation.

Leads CICC and Goldman Sachs opened books for the trade after markets closed on Wednesday, pitching a Rmb3.35bn three year CB that included a same day increase option of up to Rmb1bn.

The bonds are denominated in RMB but settled in dollars, using offshore renminbi (CNH) as the ...

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