Fuhwa offloads Treasury shares

Taiwan''s largest securities finance provider completes first equity-linked deal of 2004.

Lead manager Nomura completed a $90 million exchangeable for Fuhwa Securities Finance into Fuhwa Financial Holdings yesterday Wednesday. The deal was necessitated by government regulations regarding the disposal of Treasury shares and in order to meet a 2005 deadline, the transaction has an abbreviated maturity.

Terms comprise a one-year maturity effective 10-month conversion period embracing a call option on or after December 13 2004 and redemption on January 15 2005. There is no put option. The zero...

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