China Development fails to re-energise CB market

A $450 million convertible for the Taiwanese financial holding company just clears the market raising questions about the fate of others still waiting in the pipeline.

In response to its many critics, lead manager Goldman Sachs appeared to have fully syndicated China Development Financial Holding's CDFH deal on Friday in the face of a market showing very clear signs of indigestion. However, none would deny that the deal was anything but a struggle from start to finish and many now wonder where the next issue for either SinoPac or Chinatrust can go from here.

Since Fubon's $430 million deal of early April, a total of $1.58 billion has been raised by the top three holding companies by market capitalization and there is still at least $1.2 billion more to come. Goldman consequently attempted to structure a deal for China Development,...

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