Nio’s $1 Billion Convertible Bond Adds to Asian Sales Boom

(Bloomberg) — Equity-linked debt issuance by Asian firms is set for its busiest quarter since March 2022, with a $1 billion convertible bond from Chinese electric-vehicle maker Nio Inc. adding to signs of growing demand for the hybrid instruments.

Including Nio’s latest deal, proceeds raised via such notes by the region’s borrowers totaled $12.8 billion, the highest since the first quarter last year, Bloomberg-compiled data show. The Chinese automaker’s offering is the biggest among Asian firms since South Korea’s LG Chem Ltd.’s $2 billion deal in July.