After a drawn-out bookbuilding that lasted almost 12 hours, aluminium producer China Hongqiao Group early yesterday morning priced its five-put-three convertible bond at the investor-friendly end, resulting in a 6.5% coupon and yield, and a 25% conversion premium.
It wasn’t able to exercise the $50 million upsize option, which meant the deal size stayed at $150 million, but sources said the bookrunners were able to place the majority of that with investors on the night.
It appears Barclays, which was the sole bookrunner for the deal, may have been left with some bonds, although not more than it was comfortable holding. As the CB was quoted...
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