Anllian Capital – a special-purpose investment vehicle belonging to Anta Sports Products that directly or indirectly owns just over 59 percent of Amer Sports through the Mascot Bidco consortium – is issuing convertible bonds with a zero coupon worth €1 billion. Issued at a price 0.25 percent higher than the principal, the bonds will have a five-year duration but can be redeemed after three years. If fully converted, they would give bondholders 2.95 percent of the shares in Anllian. Amer had a stock market capitalization of €4.66 billion prior to its acquisition by Mascot Bidco last year. Anta, which is the guarantor of the bond issue, currently has a stock market capitalization of more than 200 billion Hong Kong dollars (€23.2bn-$25.7bn). The offering is managed by Merrill Lynch, Citigroup and Morgan Stanley.