"Nio Raises $1 Billion in Convertible Bond Deal, Boosting Asian EV Sales"

Chinese electric vehicle maker Nio Inc has raised $1 billion through a two-tranche convertible bond offering. The company plans to use the proceeds to pay down debt and strengthen its balance sheet. Nio's Hong Kong shares dropped 12% following the pricing decision. The bonds will be senior, unsecured notes with interest rates of 3.875% and 4.625% for the six-year and seven-year bonds, respectively. Nio also announced plans to launch its first self-developed mobile telephone to enhance the software and connectivity of its cars.