Chinese video streaming service iQiyi priced the largest convertible note offering in Asia ex-Japan so far this year on Tuesday, making a swift return to international capital markets despite concerns over tighter censorship of online content.
The unrated issuer took advantage of a decent rally in its stock price to raise $1.05 billion from its six-year convertible bond sale, giving it some much-needed cash for marketing and promotion in order to fight for eyeballs in China’s highly-competitive video streaming market. By the close of business on Monday, its share price had risen more than 60% year-to-date.
iQiyi has burned through more than half of the $2.3...
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