Lenovo to issue $2 bn of convertible bonds to Saudi’s Alat to repay debt

Lenovo Group said onWednesday it would issue $2 billion worth of zero-coupon convertible bonds to Alat, and had signed a collaboration agreement with the Saudi Arabian company to set up a manufacturing facility there.

The world’s largest maker of personal computers has become the latest Chinese firm to join a rush in Asia to raise capital through convertible bonds.

Last week, Alibaba Group decided to raise about $4.5 billion via sale of convertibles and JD.com announced a $1.5 billion convertible bond sale plan.