E.Sun ushers dawn of new age for Asian CBs

Asian convertibles enter an era of negative yields for primary market deals.

In an increasingly familiar pattern, a Taiwanese financial holding company launched and executed a heavily oversubscribed offering within the space of a few hours yesterday Monday. E.Sun Financial Holdings raised $160 million via lead manager Morgan Stanley in a deal that closed 8.3 times covered after only three hours and the imposition of a $10 million to $15 million cap on individual orders.

Declining interest rates mean that many Asian convertibles trade on negative yields, but until...

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