CDFHC prices CB

Taiwanese pipeline continues to unfold.

For the third day running, a convertible deal has emerged from Taiwan, with China Development Financial Holding Company CDFHC raising $310 million from a short-dated deal. For lead manager JPMorgan, the transaction was particularly noteworthy, since it propels it to the top of the Asia ex-Japan equity-linked league tables for the first time following its merger with Chase and Jardine Fleming.

Because of the heavy pipeline of issuance from Taiwan, the deal took eight days to achieve final regulatory approval and only just slipped in before public holidays celebrating the mid-autumn festival. The structure was designed to allow the group to divest its Treasury shares and has a 16.5-month maturity.

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