UMC returns with negative yield CB

Taiwanese foundry company returns with its third negative yield convertible since 2009 and Asia's largest Reg S equity-linked deal in one-and-a-half years.

UMC returns with negative yield CB

Taiwanese foundry operator, United Microelectronics Corp UMC, returned to the convertible bond market on Monday with its third negative yield deal since 2009 and Asia's largest Reg S equity-linked deal in one-and-a-half years.

The transaction appears to have been well timed, with a number of research houses suggesting Taiwan will be the next recipient of foreign fund flows as investors rotate out of Asean and into North Asia.  

Lead managers...

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