Taiwan Glass raises $300 million from three-year CB

Hedge funds flock to Taiwan Glass's zero-yield CB as domestic banks provide enough asset swaps to cover the entire deal, but the conversion premium is fixed at the investor-friendly end.

Taiwan Glass raises $300 million from three-year CB

Taiwan Glass Industrial Corp beat an uncertain market environment yesterday to raise $300 million from a three-year convertible bond, thanks to the availability of asset swaps to cover the entire deal.

The CB comes fewer than two weeks after another Taiwan-based company, Solar Applied Material Technology, raised $115 million from a five-year deal with a three-year put, and increases the amount raised by Taiwan issuers in the Asia ex-Japan CB market this year to...

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