Chinese rolling stock manufacturer CRRC Corporation executed a maiden $600 million H-share convertible bond overnight on Monday, the second deal from the sector in the space of a week.
The deal by the world's largest rolling stock manufacturer closely followed a similar $500 million offering by the world's second largest engineering and construction company China Railway Construction Corp CRCC.
CRRC’s transaction also had an almost identical structure to CRCC. Both carry zero-coupons and zero-yields, with a five-year tenor and three-year put option.
The main difference centred on the conversion premium. CRCC marketed its deal with a 37.5% to 42.5%...
¬ Haymarket Media Limited. All rights reserved.
