Chunghwa Picture Tubes prices convertible

Citibank Taipei has bought the Island Republic''s first equity-linked offering of the year.

A slightly increased offering for the Taiwanese large screen flat panel display manufacturer was priced last week at the mid-point of its indicative terms, with heavy interest reported from hedge funds. What was initially a $70 million transaction with a $10 million greeenshoe, was increased to $85 million and priced at par with a 0.5% coupon, conversion price of NT$24, representing an 8% premium to a three day average and a yield-to-put of 75bp over Treasuries.

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