JP MORGAN has raised US$400m from a three-year cash-settled exchangeable bond issue, with shares of Hong Kong-listed tencent holdings as the reference shares. The EB issue was launched with a base size of US$350m and a same-day upsize option of US$50m. The upsize option was fully exercised. The EBs were marketed at a zero coupon and a negative yield-to-maturity of -1.777% to -1.620%, an issue price of 105-105.5 and an exchange premium of 25%. The deal was priced at the mid-point of the ranges, with the yield-to-maturity settled at -1.698% and the issue price at 105.25.
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