Chinese travel agent Ctrip.com International raised $1.1 billion from a dual tranche convertible bond on Friday, with strong demand allowing the issuer to boost the deal size.
The first tranche, which had a five-year maturity and a three-year put option, had over 150 lines in the book, a combination of outrights and hedge funds. The outright investors long only institutional investors were primarily from the US and Europe, while the hedge funds came from Asia, Europe and the US. Ctrip raised $700 million from this note.
The second tranche a 10-year tenor with a put option at the end of five years had over 100 lines...
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