China Power International raises $150 million from upsized CB

China Power International Development CPI has raised Rmb982 million $150 million from the sale of renminbi-denominated but US dollar-settled convertible bonds that met with a lot of interest from both hedge funds and outright accounts, allowing the order books to be closed after just one hour. The bookrunners also exercised the $25 million upsize option in full, allowing them to increase the size from $125 million at launch.

Investors were drawn to the deal partly because of the company’s status as a quasi state-owned enterprise, and partly because of a high bond floor, which meant the buyers had to pay less for the equity option. CPI, which is led...