Three weeks after the completion of a $39 million block trade, Brilliance China was back in the equity markets yesterday Tuesday with a $170 million convertible via the same lead manager, Citigroup. The company picked a particularly good day to launch its transaction, since China related stocks managed to re-coup last week's losses and push the Red Chip index up 4.42% on the day.
So too, Brilliance China was able to achieve a 37.31% conversion premium to its HK$3.35 close. And although the stock was up less than 1% on the day, it has appreciated 135.9% on the year. At this level, it sets a new record for the CB market out...
