PCCW and Siliconware open Asian CB market for 2002

Morgan Stanley catches its competitors off guard with the launch and closure of an equity linked deal for PCCW.

An active day for the US investment bank, Thursday, with the completion of an upsized $450 million convertible for PCCW and launch of a $175 million convertible for Taiwanese IC packager and tester Siliconware Precision Industries.

Rumours that Morgan Stanley was quietly pre-marketing an equity-linked deal for PCCW first began circulating on Tuesday following the completion of the telecommunication group's private placement convertible with Intel the previous day. A large number of rival bankers were, nevertheless, mildly...

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