A Chinese bank has placed a record convertible bond, raising more than $7bn in an offering that drew more than $1tn worth of orders, the latest bumper deal in a year that has seen issuance of the equity-linked instruments hit a fresh high in China.
The Rmb50bn convertible bond offering from Shanghai Pudong Development Bank was about 330 times subscribed, according to a stock exchange filing on Monday evening.
The Shanghai Pudong deal tops the previous record of $6bn raised for a convertible bond from state-run Citic Bank that priced in February, and is the seventh this year to raise more than $1bn, according to data from Dealogic.
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