Chunghwa Picture Tubes launches CB

In a bid to complete funding for its 4.5G fab, Chunghwa Picture Tubes (CPT) launched a $100 million convertible yesterday (Tuesday) via lead manager ABN AMRO. Terms are defensive in a reflection of a difficult market for Taiwanese tech deals and particularly CPT, which is viewed as one of the weakest manufacturers in the flat panel sector because of its continued reliance on increasingly outdated cathode ray tube production.