Nan Ya Plastics flexes bond credentials

HSBC, Citi and Deutsche price accelerated and upsized FRN for Taiwanese plastics producer.

HSBC, Citigroup and Deutsche Bank priced a rare floating rate note deal on Friday for Taiwanese corporate Nan Ya Plastics on Friday October 28. The senior unsecured deal, rated BBB by SP, is a $350 million Reg S transaction with a five-year maturity. The deal was launched through the group's wholly owned Hong Kong unit, Nan Ya Plastics HK Corp Ltd, in order to avoid Taiwan's 20% withholding tax on coupon payments.

The...

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