By Mukul Munish | 9 October 2008 Conglomerate Legend Holdings raises $293 million through a seven-year renminbi-denominated bond, while a challenging market environment prompts the PBOC to cut rates again. Chinese conglomerate Legend Holdings, the parent company of Hong Kong-listed computer manufacturer Lenovo, has sold Rmb2 billion ($293 million) worth of bonds with a seven-year maturity, says a source close to the deal. The issue, priced at par, has a coupon of 5.87%, which works out to 120bp over Shibor (or the Shanghai interbank offered rate). It is denominated in renminbi and targeted at local investors only. The deal was launched on Monday (October 6) and by midday Tuesday was oversubscribed 16.5 times with Rmb32.9 billion worth of investors’ money pouring in – an impressive performance in a tough market environment....
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