Systex completes convertible

Taiwan''s largest software and financial information provider has completed its first convertible bond.

With Citibank Taipei as sole lead, the company followed recent precedent by opting for a zero coupon, two year put structure with a low conversion premium and high yield.

Raising $75 million, the five-year par-in, par-out deal came at the outer end of its indicative range and has an 8% conversion premium 7% to 15% indicated. This equates to a conversion price of NT$44.37. The deal is callable after one year subject to the 130% trigger...

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