Intel and Samsung bring innovation to CB market

In a first for the international equity-linked markets, an issuer has launched an exchangeable into a convertible.

A $210 million exchangeable by Intel into a heavily in-the-money private placement convertible for Samsung Electronics marks one of the most unusual structures to appear in the international equity-linked market for some time. Essentially, the deal is very similar to two private placements Samsung Electronics convertibles to Dell and Apple recently re-packaged for the public markets via Morgan Stanley.

The main difference is that instead of selling the original convertible straight back into the market, Intel has tried to...

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