Cathay clears out treasury shares

Cathay Financial Holdings returned to the GDR market for the first time in over a year yesterday (November 11) with a $495 million GDR via its house bank JPMorgan. After marketing the 254.9 million share deal at a 2% to 4% discount to spot, pricing came towards the cheaper end - 3.8% to the stock's NT$66.5 close. One GDR equals 10 shares.