Chinese property developer Mingfa Group International on Monday night returned to the market with a revamped version of the five-year Hong Kong dollar-denominated convertible bond that it pulled at the end of January, and this time it was more successful.
Indeed, the Hong Kong-listed company was able to raise the full HK$1.56 billion $200 million that it aimed for. Last time sources said there wasn’t sufficient demand to exercise the $50 million upsize option, which would have resulted in a deal of just $150 million. And rather than go along with the smaller size, Mingfa chose to cancel the deal and try again later.
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