After two months with no issuance at all, the convertible bond market in Asia has bounced back to life with two deals in two days. After the $220 million zero-coupon, zero-yield CB by Asia Cement on Tuesday, Hong Kong-listed mining company China Daye Non-Ferrous Metals Mining hit the market last night with an Rmb820 million $132 million deal.
While the offering was well below the previous day’s trade in terms of size, the issuer is also significantly smaller with a market capitalisation just above $500 million. To help get the deal done and improve the terms, the CB comes with a stand-by letter of credit from...
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