Delta Electronics prices CB

The computer power supply manufacturer slips into the market as tech stocks beat a retreat.

The steady stream of issuance from Taiwan continued apace last night Thursday, even though the recent tech rally is showing signs of bursting. With Goldman Sachs as lead manager, Delta Electronics priced a $185 million convertible bond with a zero coupon, negative yield structure.

The five-year deal redeems at 94.63% and has a two year put at 97.8% to give a negative yield of minus 1.1%. The deal is callable at three years subject to a 125%...

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