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◆ Crossover credit sells second senior SLB of 2026 ◆ Deal lands tight to secondaries and peers ◆ Proceeds to refinance 2028 convertible maturity
Company ‘made out like bandits’ as investors piled into deal and delta placement
Trade bodies speak out against push to drive equity trading on to lit markets
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Central China Securities is setting its sights on issuing new H-shares to raise funds via the private placement route, as debate continues over a Chinese requirement to give up 10% of any state-owned enterprise public equity offerings to the national pension fund.
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Citic Capital Financial Holding exited its holdings in China Cinda Asset Management via a clean-up trade on Thursday, raising HK$1.09bn ($140.47m). The block was launched amid a 30% rally in China Cinda’s shares, but that proved no barrier as investors were more than happy to get their hands on the deal.
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The management team of Indonesian property developer Hanson International is planning to meet investors in Singapore next week to gauge their appetite ahead of a follow-on offering to raise $200m-$250m.
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Chinese brokerage HTSC has kicked off preparations for its $1.5bn-$2bn Hong Kong IPO, starting conversations with potential cornerstone investors this week.
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Commercial property investor Unibail-Rodamco this week launched four simultaneous straight bond and equity-linked transactions, which included the sale of a new, negative-yielding, and highly popular convertible deal.
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Pacific Basin Shipping raised $125m from a convertible bond on April 8, pricing the trade in the middle of guidance. A shadow bookbuild, a recent rally in the company’s stock, and the reluctance of the issuer to push investors too hard on terms ensured a successful outcome.
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