The outperformance of Asian convertibles relative to their global peers so far this year helped drive the completion of a $90 million convertible for China's largest noodle manufacturer Tingyi Holdings yesterday Tuesday.
Key for lead manager Morgan Stanley was its ability to structure a transaction which was compelling enough for investors that are likely to have looked twice at a company with a more eventful track-record than most since listing on the Stock Exchange of Hong Kong in 1996. Since that date, Tingyi has been subject to a public censure hearing in relation to the granting of company loans to connected parties, breached the covenants of an outstanding convertible deal and diluted existing investors...
