First Taiwan convertible this year launched by Winbond

Scarcity value and signs of company turnaround help spur enough demand to increase offering size by 20%.

Memory chip maker, Winbond Electronics has become the first Taiwanese company to issue a convertible bond this year with a $120 million issue that attracted large investor interest simply because it was not from India or Hong Kong.

India has completely dominated CB issuance so far this year with about 75% of the market, with Hong Kong making up a large percentage of the rest. Consequently, there is a certain amount of scarcity or diversification value attached to an issuer...

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