China Overseas Grand Oceans Group, a state-backed Chinese property developer, early yesterday morning priced its Hong Kong dollar-denominated convertible bond issue at the issuer friendly end and exercised part of the upsize option for a total deal size of HK$2.2 billion $284 million.
The deal launched at about 7.30pm Hong Kong time on Tuesday, hot on the heels of a slightly smaller CB that was being offered by sportswear manufacturer and retailer 361 Degrees see story on our website yesterday, and closed a couple of hours later. Despite the competition and the later start, the China Overseas transaction was quickly covered, which sources said was partly due...
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