Shanghai Pudong plans RMB 50 billion convertible bond offering

By Rebecca Melvin

New York, Oct. 24 – China’s Shanghai Pudong Development Bank Co. Ltd. plans to issue RMB 50 billion convertible bonds in a public offering, according to a prospectus published by the company on Thursday.

Citic Securities Co. Ltd. and Guotai Junan Securities Co. Ltd. are co-sponsors of the bonds.

The convertibles will have a par value of RMB 100. The initial conversion price is RMB 15.05.

A roadshow regarding the bonds will commence on Friday with listing of the bonds expected to become effective on Monday on the Shanghai Stock Exchange.

Joint lead underwriters of the deal are Huatai Securities Co. Ltd., Haitong Securities Co. Ltd. and China International Capital Corp.

The lender is based in Shanghai.

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