Exchangeables out of Asia are just as rare CP Foods' exchangeable bond was the first out of Thailand and the country's first equity-linked product since BTS Group's convertible in January 2011. Market participants have described exchangeables out of Asia as 'rare beasts.' Deal counsel had to get investors comfortable with not only a product from a new jurisdiction, but also its tense political situation given opposition leaders had promised to start a month of protests to shut down Bangkok from January 13.
