China’s Ctrip raises $800m in convertible bond sale

Ctrip.com International, a Chinese travel agent, has raised $800 million from a convertible bond sale.

The Chinese group increased the deal size from the $500 million to $700 million while it was marketing the bonds to investors, a sign of strong demand.

The company priced the convertible bond at the tight end of the range used to guide investors, with a 1.25% coupon and a 42.5% conversion premium. The conversion premium is the highest for a Chinese issuer since 2007.

Ctrip said on Friday it had priced the notes due 2018. The company then exercised the greenshoe and increased the deal size to $800...