ASAT prices high yield benchmark for tech sector

The semiconductor and packaging company adds diversity to the Asian high yield universe.

Sole lead manager Citigroup priced an increased $150 million bond issue for Hong Kong semiconductor and packaging company ASAT on Friday. The SEC registered transaction was increased from a base offer size of $125 million after books closed just above the $1 billion mark.

Pricing came at par on a coupon of 9.25% to yield 573bp over seven-year Treasuries. The BB3 rated issue has a seven-year final maturity and a sliding call structure starting in 2008 at 104.625%, then 102.313% in 2009 and par thereafter.

Pricing is inside initial expectations around the 10% mark though there are few comparables with which to compare the issue. The group has a November...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222