E-Ton Solar returns with CB after scrapping GDR

Three months after calling off an attempt to raise fresh cash from a GDR issue, E-Ton Solar Tech last night pocketed $100 million from a convertible bond that will pay no interest to investors. The bonds also carried other features, including a conversion price reset, which suggests the company would still prefer to have equity on its books.

This was the third zero-yield offering by a Taiwanese company in the past few weeks and adds to the emerging hopes of a proper revival of international equity-linked issuance from this market.

The bonds from Taiwan’s second largest ...