Powerchip breaks six-week drought for Asian convertibles

The DRAM manufacturer makes use of positive sector momentum to raise $303 million in a combined GDS offering. The CB is attractively priced, with bankers terming it a "no brainer".

Taiwanese memory chipmaker Powerchip Semiconductor last night June 26 became the first Asian company in six weeks to raise fresh capital from a convertible bond issue. It completed a $303 million combination deal that also included a sale of global depositary shares GDS.

Coming one day after Hynix Semiconductor completed a heavily oversubscribed $1.5 billion share sale, the deal was no doubt timed to take advantage of the current positive momentum in the sector. However, CB specialists say the...

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