Macronix prices CB

The Taiwanese DRAM manufacturer completes the country''s lowest ever rated convertible.

An $80 million Taiwanese convertible offering one of the lowest conversion premiums and widest credit spreads on record was priced last night Tuesday via Credit Suisse First Boston. However, getting a deal done for Macronix is likely to be considered as something of achievement given that the B rated company has the lowest credit standing in the Taiwanese convertible universe rated or otherwise, was trading at over 1,000bp over Libor only three months ago and the tech sector is...

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