IBT completes CB

The International Bank of Taipei raises $180 million from a convertible bond.

Bookrunner Merrill Lynch took an unusual but effective approach to syndicating a convertible for IBT on Wednesday December 15. Faced with the common problem of having to bring a deal to market with aggressive terms, it decided to bookbuild the transaction on a range that spanned no fees to full fees.

Historically banks have got caught out trying to sell deals at par to a reluctant investor base and then having failed to build any...

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