Fuhwa completes CB

Taiwanese FHC brings first convertible of the year from Taiwan.

Fuhwa Financial Holdings completed a $90 million convertible yesterday January 19, taking advantage of rampant speculation in its share price to raise cheaper funds and re-finance short-term debt.

Led by its house bank Nomura, the deal was not marketed to a wide range of investors and will be unlisted. Using a five-year, zero coupon structure, the deal was priced at 101% with put options in years two, three and four at 104% and redemption in...

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