While the large number of new initial public offerings in the market is clearly getting a lot of attention from investors and bankers, these deals are by no means detracting from business in other parts of the capital markets. In fact, the demand for the IPOs so far seems to have inspired a pickup in the issuance of convertible bonds as well.
On Monday two Chinese companies, both in the consumer retail sector, came to market with Hong Kong-dollar denominated CBs, taking advantage of the current appetite for consumption-related stock. Both deals were well received to the extent that they could be upsized and both of them traded up yesterday, which is clearly good...
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