News about convertible bonds

CII (HoSE) has extended by 30 days the period for distributing convertible bonds code CII426001, an offering of nearly 67.2 million bonds to existing shareholders at a rate of 10 rights per bond, and is seeking State Securities Commission approval. The 25-year bonds pay 0% interest for the first 12 interest periods and 14.5% a year after that, and CII expects to raise about VND 6,720 billion for investment in projects. Registration and payment for the remaining undistributed bonds runs from 22/10 to 3/11/2026. HFIC, the Ho Chi Minh City State Investment and Finance Company, had registered to sell 27.4 million rights, but no investors registered to buy, so it still holds 27.4 million rights, equal to 4.08% of CII's capital. CII will also set 5/11/2026 as the record date for an extraordinary general meeting approving its 2027-2032 infrastructure development orientation.

Strategy (MSTR) fell 4% to $145.50, Riot (RIOT) dropped 4% to $14.94 and Cipher Digital (CIFR) slipped 3% to $9.75. Strategy's pressure stems from MSCI's new index eligibility rules, with financial tests taking effect at the November review, and the company was previously flagged as potentially ineligible, even as Bitcoin rose over 24 hours. Cipher Digital priced zero-coupon convertible notes to fund its Barber Lake data center, settling Friday. Year to date, MSTR is down 5%, CIFR down 34% and RIOT up 20%. The CoinShares mining ETF (WGMI) fell 2% while the SPDR S&P 500 ETF (SPY) rose 0.2%.

Cipher Digital (CIFR) fell about 5% to $10.72 after pricing a private offering of $850 million in zero-interest convertible senior notes, extending a slide that followed a 13% drop in the prior session. Part of the proceeds will fund capped call transactions to limit dilution, while the rest goes to an additional equity investment in the Barber Lake data center, where an amended AI lab lease raised contracted revenue and doubled the base term. Cipher also plans to exchange part of an outstanding convertible issue for 40.7 million common shares. Peers moved lower too, with IREN down 4% to $33.37 and Applied Digital down 6% to $21.19.