UMC returns to CB market

Taiwanese foundry manufacturer brings first own name CB in four years.

UMC became just the sixth Taiwanese issuer to access the equity-linked market this year on Wednesday September 28 when it completed a $381.4 million convertible via house banks Lehman Brothers and Morgan Stanley.

The transaction marks the first time UMC has come to the CB market in its own name since December 2001. Since then it has completed two exchangeables into AU Optronics, both executed in 2003. The two are currently bid around the 119% level....

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