HKEx raises $500 million from five-year CB

Hong Kong Exchanges and Clearing HKEx has raised $500 million from the sale of a five-year convertible bond to help fund its acquisition of the London Metal Exchange LME.

The base deal size was $400 million with an upsize option of a further $100 million and, due to strong demand, it ended up being fully upsized to achieve the final figure of $500 million, sources said.

At $500 million, it is the biggest overnight CB in Asia-Pacific so far this year, according to Dealogic. The conversion premium is also the highest conversion premium in the region in 2012, according to sources.

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