Merrill Lynch wins TSMC placement

In a closely fought fight between 10 banks Wednesday night, Merrill Lynch has won the books for a block sale of TSMC shares held by the National Development Fund, after pitching a razor thin discount to the stock's previous sale. Having submitted a $20.80 bid, at a 0.86% discount to Tuesday's $20.98 ADR close, the bank just pipped Goldman Sachs, which is believed to have bid only marginally behind.