Fosun International, a private-sector Chinese conglomerate listed in Hong Kong, raised HK$3.875 billion $500 million from a guaranteed and secured convertible bond after the market closed on Wednesday, taking advantage of a strong share price performance in the past 12 months.
The deal was two times covered and attracted more than 70 investors, according to a source but, from a technical point of view, the valuation was quite aggressive and the CB traded slightly below par in the secondary market on Thursday.
Fosun has a high-yield rating from both Standard Poor’s and Moody’s BBBa3, which means it offered something different to the recent string...
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