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Morning Commentary: New China Lodging convertibles move up strongly in debut trading
By Rebecca Melvin
New York, Oct. 27 – China Lodging Group Ltd.’s newly priced 0.375% convertible notes traded up strongly out of the chute on Friday after the Shanghai-based hotel group priced $425 million of the five-year notes beyond the tight end of coupon talk and at the tight end of premium talk, according to a market source.
The new China Lodging notes were seen wrapped around 101.75 against the closing share price of $130.18, representing at 1.5 point to 1.75 point gain on a dollar-neutral, or hedged, basis, the source said.
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