Chartered Semiconductor steers obstacle course to investors

Singapore''s Chartered Semiconductor and Taiwan''s ProMOS Technologies have jumped into a narrow issuance window with debut convertibles.

The launch yesterday Monday of a $350 million five-year convertible for Chartered Semiconductor caught a large section of the Asian equity capital market off guard and divided an even greater number of participants, including those who fought fiercely, and in some cases bitterly, for the deal in the first place.

All convertibles come down to credit, but the problem with Chartered seems to be that there is no spread consensus at all, with industry experts arguing for...

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