China Minsheng Banking Corp received massive demand for its Rmb20 billion $3.2 billion A-share convertible bond that was in the market last Friday more than two years after it was first flagged.
Existing A-share holders, who had a pre-emptive right to subscribe to about 99.5% of the issue in proportion to their stake in the bank, took up about 71% and the remaining portion was more than 200 times covered potentially even more than 250 times covered, according to a source.
The total subscription amount exceeded $200 billion, which is the highest ever for an A-share CB. And since investors have to pay 20% up-front when...
¬ Haymarket Media Limited. All rights reserved.
