Equities

E-Ton Solar returns with CB after scrapping GDR

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The bonds offer zero yield, but the conversion premium is fixed at the top of the 20%-25% range after strong investor demand.

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 ...

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