Shanghai Pudong Development Bank - pic by South China Morning Post
BEIJING: Investors seized the chance to take part in China’s largest convertible bond sale, showing just how coveted the equity-like securities have become.
Shanghai Pudong Development Bank Co.’s 50 billion yuan ($7.1 billion) deal was about 330 times oversubscribed, according to a Shanghai stock exchange filing late Monday. With about half of the offering first allocated to existing shareholders, that means new investors placed 7.8 trillion yuan worth of orders for the remaining supply. For context, that money could buy Brazil’s entire equity market with some change to spare.
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