Chinatrust completes CB

The Taiwanese financial holding company takes an extremely pragmatic approach to what can be achieved.

After competing head to head with Sinopac Financial Holdings to launch the next finance convertible from Taiwan, Chinatrust successfully managed to clear a $350 million offering yesterday Monday. However, it only managed to do so after considerably scaling back its ambitions to the extent of cutting the issue size in half and pricing a defensive deal at the wide end of terms.

For the nervous lead manager JPMorgan, it was a bold move to try and bring a...

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