CRRC plans record-breaking exchangeable bond

Hong Kong and Shanghai-listed rolling stock manufacturer CRRC Corporation is set to come under the spotlight of Asia’s equity-linked market for the second time this year following the announcement of an Rmb7 billion $1.1 billion exchangeable bond.

Only two months ago, the Hong Kong-listed entity completed a debut $600 million convertible bond. This time round, it is the parent company issuing debt, which can be exchanged for the A-shares of its Shanghai-listed entity.

Since Baosteel blazed a trail with China’s first onshore exchangeable bond in December 2014, there have been roughly half a dozen deals on the mainland, raising nearly Rmb15 billion.

CRRC...