SPIL completes CB

Taiwanese IC assembler pushes for duration.

UBS launched and closed a $200 million convertible for Siliconware Precision Industries SPIL after Asia's close on Friday. Terms for the deal show just how aggressive Taiwanese issuers are becoming and how they appear to be getting away with it at a time of supplydemand imbalance in the primary market.

With a five-year final maturity, the zero coupon, zero yield deal has a very long put option after four years. It was marketed on the basis of...

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