Rexlot Holdings, a provider of systems, machinery and services for the lottery market in China, surprised the market last week with a Hong Kong dollar-denominated convertible bond the first Asian equity-linked deal since Posco sold $320 million of yen-denominated bonds exchangeable into SK Telecom in early August.
The five-put-three deal, which was arranged by Daiwa Capital Markets, hit the market after the close of Hong Kong trading on Wednesday, even as global equity markets continued to struggle and Rexlot was trading close to its 12-month low from a month ago. At the time of the deal, the share price was down 42% so far this year.
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