Ping An Insurance attracted strong interest from foreign investors for its Rmb26bn ($4.3bn) convertible bond sale, the biggest such deal in the world this year, which completed yesterday.
Under the Chinese system, convertible bond sales are split in two, with part of the deal going to existing shareholders and part open to bids from any investor.
According to a person familiar with the sale, foreign investors already holding Ping An’s Shanghai-listed shares were active in both parts of the deal, suggesting strong demand for increased exposure to the company. Global funds can only buy domestic shares and bonds through one of China’s investment quota schemes, which limit foreign involvement in the country’s capital markets.
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