Taiwan’s Cathay Financial raises $254 million from two-year CB

The zero coupon deal is priced with a 27% conversion premium and attracts strong demand from multi-strategy funds and outright investors.

Taiwan’s Cathay Financial raises $254 million from two-year CB
Taiwan's Cathay Financial drew strong demand from investors

Cathay Financial last night priced a two-year zero coupon convertible bond that pays a 0.25% yield-to-maturity and offers a 27% conversion premium. The final deal size was $254.4 million, a source said.

It attracted huge demand from investors for the deal size of about $250 million, there was demand of more than $1 billion, the source said. About 70 investors participated in the transaction, with demand coming from Europe and Asia.

There...

To continue reading, please login or register for free

Click for more on: convertible | cb | fig | insurance | cathay financial | jp morgan

Print Edition

FinanceAsia Print Edition

CONFERENCES