澳门大阳城娱乐登入，HK-listed Grand Baoxin announced share placement, a slight positive forCHGRAU
Grand Baoxin (1293 HK) yesterday announced a share placement plan, raisinggross proceeds of HKD980mn from a placement of 280mn shares atHKD3.50/share. The number of placement shares represents 10.95% of thecompany’s pre-placement share capital. We see this as slightly positive forCHGRAUPerpsC19, given the size of the placement is not very big. Wemaintain our Buy recommendation on CHGRAUPerpsC19 (ask price: 106.1, askYTC: 6.1%) as we continue to believe these perps will be called in Dec-2019(otherwise, the step-up in coupon is 500bp). Despite the YTD rally in the bondprice, the China Grand Auto perp still stands out to us as being the only perpbesides Hong Kong Airlines trading above 6% YTC, among the Asia Creditperps that have strong step-up structure at first call date. Downside risksinclude more aggressive acquisitions, sharp slowdown in demand for autosand downward margin pressure.
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