Exchangeable into Far Eastern New Century upsized to $375 million

The Asia Cement offering is the fourth equity-linked bond by an Asian issuer this week and the second out of Taiwan.

Asia Cement last night issued an exchangeable bond into Far Eastern New Century, which was the fourth Asian equity-linked deal to be completed this week and a near repeat of an exchangeable bond sold by Asia Cement three years ago. That bond was exchangeable into the same underlying entity, although back then it was called Far Eastern Textile. Asia Cement and Far Eastern New Century are based and listed in Taiwan.

Yesterday’s deal was marketed at aggressive terms, including a...

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