China Yuhua Education has defied the bearish sentiment around the education sector by raising HK$940 million $120 million from the issue of a short-dated convertible bond on Wednesday in what is widely perceived as a pre-placed deal.
Two years after its initial public offering in Hong Kong, the Henan-based private school operator created a buzz among bond investors because it is one of the first companies from the education sector to issue a straight bond or a convertible bond offshore.
As such, there were huge discrepancies among investors when it came to determining the company’s credit in the absence of comparable stocks.
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