Hynix CB fails to clear at par amid tough markets

The $500 million CB wasn't officially reoffered, but the bookrunners chose to break the syndicate and instead have each bank sell bonds in the secondary market -- at below par.

While most other issuers are staying on the sidelines pondering the continuing volatility in global equity markets, Korean memory chip maker Hynix Semiconductor pushed through a $500 million convertible bond late on Tuesday. The deal had been more than a week in the making with earlier launch attempts disrupted both by the market conditions and the initial unwillingness by the issuer to give on price. And, consequently, eyebrows were raised when the company made the decision to go ahead on...

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