<p>[香港] 中国家电制造商美的集团通过增大规模的零息双层可转换债券发行筹集了 22 亿美元，具体条款由彭博社获得。</p>
<p>该公司在香港和深圳上市，周四（5 月 7 日）早些时候增加了发行规模，将每个层次的金额从 78.4 亿港元（14 亿新元）提高至 86 亿港元，第一层到期于 2027 年 5 月，第二层到期于 2033 年 5 月。</p>
<p>美的的短期和长期层次的转换溢价分别为 15% 和 37.5%，相对于同时进行的增发价格，以帮助投资者的对冲活动，具体条款显示。</p>
<p>越来越多的中国公司正在出售可转换为股票的债券，利用其相比传统债务提供的较低借款成本。其中，铝生产商中国宏桥集团上周筹集了 15 亿美元。美的表示，正在筹集资金用于国际扩张和增强离岸流动性。</p>
<p>尽管伊朗战争及其引发的波动，亚洲的可交换和可转换债券销售仍在快速推进。</p>
<p>在利率和波动性较高时，可转换为股票的债券找到了一个良好的市场。较低甚至零的票息对公司具有吸引力，而投资者在波动市场中重视内嵌的股权选择。股市上涨也使其更具吸引力，因为债券转换为股票时发生的任何稀释都是以溢价进行的。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5dcabda47cafcba8ba7fd3592142b82baa855c2707b7ade63a2d8b802bff73dc/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5dcabda47cafcba8ba7fd3592142b82baa855c2707b7ade63a2d8b802bff73dc/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中国美的集团在香港推出 269.7 亿港元的股票发行</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/d60acbd30c046a8fdf6b79e04a7cb26f2bb398d8e17bbfaaf24270ca99b658b8/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/d60acbd30c046a8fdf6b79e04a7cb26f2bb398d8e17bbfaaf24270ca99b658b8/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>美的在增大规模的香港上市中筹集 40 亿美元</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/be9daf4c48f08c18b40590cd4883fc1af70b646784c6c21201ff55388126915c/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/be9daf4c48f08c18b40590cd4883fc1af70b646784c6c21201ff55388126915c/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中国家电巨头美的在香港首发后股价上涨 9.5%，筹集 40 亿美元</h3>
<h3>在新的全球秩序中导航亚洲</h3>
<p>将洞察力送到您的邮箱。</p>
<p>美的在香港的股票自 3 月底的低点上涨了 12%。</p>
<p>摩根士丹利、高盛、花旗集团和美国银行安排了美的的交易。彭博社</p>
<p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击这里注册解码亚洲通讯，送到您的邮箱，免费。</p>

美的集团

广发中证全指家用电器ETF

易方达中证家电龙头ETF

国泰中证全指家用电器ETF

富国中证全指家用电器ETF

博时龙头家电ETF

<p>中国家电制造商美的集团成功通过发行零息双 tranche 可转换债券筹集了 22 亿美元。每 tranche 的发行规模增加至 86 亿港元，债券到期日为 2027 年 5 月和 2033 年 5 月。筹集的资金将用于国际扩张和增强离岸流动性。中国公司发行可转换债券的趋势正在增长，因为与传统债务相比，它们提供了更低的借款成本。该交易由摩根士丹利、高盛、花旗集团和美国银行安排</p>

<p>[HONG KONG] Chinese appliance maker Midea Group raised US$2.2 billion from the upsized sale of dual-tranche convertible bonds with zero coupon, according to terms of the deal seen by Bloomberg News.</p>
<div class="lb-trans"><p>[香港] 中国家电制造商美的集团通过增大规模的零息双层可转换债券发行筹集了 22 亿美元，具体条款由彭博社获得。</p>
</div><p>The company, which is listed in both Hong Kong and Shenzhen, increased the size of the offering early Thursday (May 7), raising the amount in each tranche to HK$8.6 billion (S$1.4 billion) from HK$7.84 billion, with the first due in May 2027 and the second in May 2033.</p>
<div class="lb-trans"><p>该公司在香港和深圳上市，周四（5 月 7 日）早些时候增加了发行规模，将每个层次的金额从 78.4 亿港元（14 亿新元）提高至 86 亿港元，第一层到期于 2027 年 5 月，第二层到期于 2033 年 5 月。</p>
</div><p>Midea’s shorter- and longer-dated tranches have conversion premiums of 15 per cent and 37.5 per cent, respectively, over the final price of a concurrent delta placement to help hedging activities by investors, according to the terms.</p>
<div class="lb-trans"><p>美的的短期和长期层次的转换溢价分别为 15% 和 37.5%，相对于同时进行的增发价格，以帮助投资者的对冲活动，具体条款显示。</p>
</div><p>A growing number of Chinese companies are selling bonds that convert into stock, taking advantage of the lower borrowing costs they offer compared with traditional debt. Among them, aluminium producer China Hongqiao Group last week raised US$1.5 billion. Midea said that it is raising the funds for international expansion and to enhance offshore liquidity.</p>
<div class="lb-trans"><p>越来越多的中国公司正在出售可转换为股票的债券，利用其相比传统债务提供的较低借款成本。其中，铝生产商中国宏桥集团上周筹集了 15 亿美元。美的表示，正在筹集资金用于国际扩张和增强离岸流动性。</p>
</div><p>The sales of exchangeable and convertible bonds are powering ahead in Asia, even with the war in Iran and the volatility that it has caused.</p>
<div class="lb-trans"><p>尽管伊朗战争及其引发的波动，亚洲的可交换和可转换债券销售仍在快速推进。</p>
</div><p>Bonds that convert into stock find a sweet spot when interest rates and volatility are high. The lower, or even zero, coupons are attractive to companies, while investors value the embedded equity option in choppy markets. Higher equity markets also make them appealing, because any dilution that occurs as a result of the bonds converting into stock is done at a premium.</p>
<div class="lb-trans"><p>在利率和波动性较高时，可转换为股票的债券找到了一个良好的市场。较低甚至零的票息对公司具有吸引力，而投资者在波动市场中重视内嵌的股权选择。股市上涨也使其更具吸引力，因为债券转换为股票时发生的任何稀释都是以溢价进行的。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5dcabda47cafcba8ba7fd3592142b82baa855c2707b7ade63a2d8b802bff73dc/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/5dcabda47cafcba8ba7fd3592142b82baa855c2707b7ade63a2d8b802bff73dc?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China’s Midea Group launches HK$26.97 billion share offering in Hong Kong</h3>
<div class="lb-trans"><h3>中国美的集团在香港推出 269.7 亿港元的股票发行</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/d60acbd30c046a8fdf6b79e04a7cb26f2bb398d8e17bbfaaf24270ca99b658b8/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/d60acbd30c046a8fdf6b79e04a7cb26f2bb398d8e17bbfaaf24270ca99b658b8?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Midea raises US$4 billion in upsized Hong Kong listing</h3>
<div class="lb-trans"><h3>美的在增大规模的香港上市中筹集 40 亿美元</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/be9daf4c48f08c18b40590cd4883fc1af70b646784c6c21201ff55388126915c/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/be9daf4c48f08c18b40590cd4883fc1af70b646784c6c21201ff55388126915c?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Chinese appliance giant Midea’s shares jump 9.5% on Hong Kong debut after raising US$4 billion</h3>
<div class="lb-trans"><h3>中国家电巨头美的在香港首发后股价上涨 9.5%，筹集 40 亿美元</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>将洞察力送到您的邮箱。</p>
</div><p>Midea’s Hong Kong shares have climbed 12 per cent from a low at the end of March.</p>
<div class="lb-trans"><p>美的在香港的股票自 3 月底的低点上涨了 12%。</p>
</div><p>Morgan Stanley, Goldman Sachs, Citigroup and Bank of America arranged Midea’s deal. BLOOMBERG</p>
<div class="lb-trans"><p>摩根士丹利、高盛、花旗集团和美国银行安排了美的的交易。彭博社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击这里注册解码亚洲通讯，送到您的邮箱，免费。</p>
</div>

China’s Midea Group raises US$2.2 billion in convertible bond sale

Businesstimes News

中国宏桥

摩根士丹利

高盛

花旗

美国银行

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

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GS Hldg R

CITIGROUP INC 6.250 NON CUM SER II PFD WI

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BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

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BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

中国美的集团通过可转换债券发行筹集了 22 亿美元