China Convertible Bonds Are Having Busiest Month Since 2018
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Chinese companies listed overseas are raising the most since December 2018 through convertible bonds as low interest rates and volatile markets make them attractive.
Zhongsheng Group Holdings Ltd. was the latest to tap the market, selling HK$4.56 billion ($588 million) in zero-coupon convertibles in the largest deal by an overseas-listed Chinese issuer this month, according to data compiled by Bloomberg. Earlier, property-management company Country Garden Services Holdings Co. raised $500 million after it priced its zero-coupon convertible bond at the end of April. Those bring May’s total to $1.68 billion, the first time monthly issuance has topped $1 billion since September.