Solar wafer and module manufacturer ReneSola yesterday became the first Chinese company to issue a convertible bond this year with a $175 million seven-year deal that priced after the US market closed on Wednesday.
The offering, which was arranged by Barclays Capital and Credit Suisse, also broke the near-two-month dry-spell of CB issuance by Asia-based companies and the fact that it went well should encourage other potential issuers, CB bankers said.
Indeed, less than 24 hours later, Singapore-listed CapitaMall Trust raised $197 million from a sale of Singapore-denominated three-year CBs that was also arranged by Credit Suisse. In addition to being quite small, neither deal...
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