Taiwan’s Cathay Financial raises $254 million from two-year CB

The zero coupon deal is priced with a 27% conversion premium and attracts strong demand from multi-strategy funds and outright investors.

Taiwan’s Cathay Financial raises $254 million from two-year CB

Cathay Financial last night priced a two-year zero coupon convertible bond that pays a 0.25% yield-to-maturity and offers a 27% conversion premium. The final deal size was $254.4 million, a source said.

It attracted huge demand from investors for the deal size of about $250 million, there was demand of more than $1 billion, the source said. About 70 investors participated in the transaction, with demand coming from Europe and Asia.


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