Asia Cement raises $220 million from zero-coupon CB

The Taiwanese company returns to the market and prices an enlarged deal at a 0% yield.

Asia Cement raises $220 million from zero-coupon CB
Chinese demand for cement is on the rise, in response to infrastructure investment and urbanisation

Asia Cement last night raised $220 million from the sale of a five-year, zero-coupon convertible bond, which it plans to use to repay maturing bonds. Due to strong demand, the deal was upsized in full, or by 10%.

The transaction came after the Taiwanese company’s share price on Monday hit its highest close since December. It is the second US dollar CB out of Taiwan this year after Far Eastern International Bank raised $150 million...

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