Iqiyi, Baidu's Nasdaq-listed video-streaming service, revisited the structured equity market last week with a record US$1.2bn convertible bond offering only four months after its debut issue. The so-called Netflix of China launched the six-year put-four deal last Tuesday in Asian hours after selling a US$750m CB issue in November. The deal, the largest CB offering from a US-listed Asian issuer, comprised a base size of US$1.05bn and a greenshoe of US$150m. The transaction was marketed at a coupon of 2.0%-2.5% and a conversion premium of 27.5%-32.5%.
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