<p>[香港] 中國家電製造商美的集團通過增大規模的零息雙層可轉換債券發行籌集了 22 億美元，具體條款由彭博社獲得。</p>
<p>該公司在香港和深圳上市，週四（5 月 7 日）早些時候增加了發行規模，將每個層次的金額從 78.4 億港元（14 億新元）提高至 86 億港元，第一層到期於 2027 年 5 月，第二層到期於 2033 年 5 月。</p>
<p>美的的短期和長期層次的轉換溢價分別為 15% 和 37.5%，相對於同時進行的增發價格，以幫助投資者的對沖活動，具體條款顯示。</p>
<p>越來越多的中國公司正在出售可轉換為股票的債券，利用其相比傳統債務提供的較低借款成本。其中，鋁生產商中國宏橋集團上週籌集了 15 億美元。美的表示，正在籌集資金用於國際擴張和增強離岸流動性。</p>
<p>儘管伊朗戰爭及其引發的波動，亞洲的可交換和可轉換債券銷售仍在快速推進。</p>
<p>在利率和波動性較高時，可轉換為股票的債券找到了一個良好的市場。較低甚至零的票息對公司具有吸引力，而投資者在波動市場中重視內嵌的股權選擇。股市上漲也使其更具吸引力，因為債券轉換為股票時發生的任何稀釋都是以溢價進行的。</p>
<p>另見</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>中國美的集團在香港推出 269.7 億港元的股票發行</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>美的在增大規模的香港上市中籌集 40 億美元</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>中國家電巨頭美的在香港首發後股價上漲 9.5%，籌集 40 億美元</h3>
<h3>在新的全球秩序中導航亞洲</h3>
<p>將洞察力送到您的郵箱。</p>
<p>美的在香港的股票自 3 月底的低點上漲了 12%。</p>
<p>摩根士丹利、高盛、花旗集團和美國銀行安排了美的的交易。彭博社</p>
<p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊這裏註冊解碼亞洲通訊，送到您的郵箱，免費。</p>

美的集團

廣發中證全指家用電器ETF

易方達中證家電龍頭ETF

國泰中證全指家用電器ETF

富國中證全指家用電器ETF

博時龍頭家電ETF

<p>中國家電製造商美的集團成功通過發行零息雙 tranche 可轉換債券籌集了 22 億美元。每 tranche 的發行規模增加至 86 億港元，債券到期日為 2027 年 5 月和 2033 年 5 月。籌集的資金將用於國際擴張和增強離岸流動性。中國公司發行可轉換債券的趨勢正在增長，因為與傳統債務相比，它們提供了更低的借款成本。該交易由摩根士丹利、高盛、花旗集團和美國銀行安排</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] 中國家電製造商美的集團通過增大規模的零息雙層可轉換債券發行籌集了 22 億美元，具體條款由彭博社獲得。</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>該公司在香港和深圳上市，週四（5 月 7 日）早些時候增加了發行規模，將每個層次的金額從 78.4 億港元（14 億新元）提高至 86 億港元，第一層到期於 2027 年 5 月，第二層到期於 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>美的的短期和長期層次的轉換溢價分別為 15% 和 37.5%，相對於同時進行的增發價格，以幫助投資者的對沖活動，具體條款顯示。</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>越來越多的中國公司正在出售可轉換為股票的債券，利用其相比傳統債務提供的較低借款成本。其中，鋁生產商中國宏橋集團上週籌集了 15 億美元。美的表示，正在籌集資金用於國際擴張和增強離岸流動性。</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>儘管伊朗戰爭及其引發的波動，亞洲的可交換和可轉換債券銷售仍在快速推進。</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>在利率和波動性較高時，可轉換為股票的債券找到了一個良好的市場。較低甚至零的票息對公司具有吸引力，而投資者在波動市場中重視內嵌的股權選擇。股市上漲也使其更具吸引力，因為債券轉換為股票時發生的任何稀釋都是以溢價進行的。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>中國美的集團在香港推出 269.7 億港元的股票發行</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>美的在增大規模的香港上市中籌集 40 億美元</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>中國家電巨頭美的在香港首發後股價上漲 9.5%，籌集 40 億美元</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>將洞察力送到您的郵箱。</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 月底的低點上漲了 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、花旗集團和美國銀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>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊這裏註冊解碼亞洲通訊，送到您的郵箱，免費。</p>
</div>

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

Businesstimes News

中國宏橋

摩根士丹利

高盛

花旗

美國銀行

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

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

GS Hldg R

CITIGROUP INC 6.250 NON CUM SER II PFD WI

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

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

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

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

Bank of America Corp

中國美的集團通過可轉換債券發行籌集了 22 億美元