SinoPac completes CB

A measure of stability returns to the Taiwanese convertible market as SinoPac Holdings clears its deal.

Despite being launched less than two weeks after a $400 million issue for Chinatrust, a $200 million convertible for SinoPac appeared to enjoy a relatively smooth ride yesterday Monday. The UBS Warburg-led deal never fell below par after the announcement of terms and opened secondary market trading at London's close around the par-and-a-half level.

Concerns that investors cannot absorb such a huge wash of Taiwanese financial holding company paper seem to be receding slightly. But the key to...

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