Hong Kong-listed Haitong International issued a HK$3.88 billion $500 million zero-coupon convertible bond on Tuesday, getting strong demand from investors for a deal that is bigger than its last two issues combined.
The BBB rated issuer managed to put together an order book of close to $1.5 billion from over 60 accounts, suggesting investors were hungry for more after previous Haitong deals have traded well in the secondary market.
Investors familiar with the issuer should have fresh memories of its two previous CBs, which were issued in 2013 and 2014. Both managed to hit their conversion prices within a year after issuance.
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