US-listed online real estate services provider E-House China Holdings was able to complete a $135 million convertible bond offering just before the start of US trading on Thursday, almost 36 hours after the deal first hit the market.
However, the five-put-three deal was downsized from an initial plan to raise $180 million and the bookrunner also gave up a large portion of its fees to re-offer the bonds at a price of 97.5 and make the terms more attractive.
The need to do this suggests investor appetite for CBs from Chinese internet companies is waning after more than $2.7 billion of new supply in the sector...
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