Chinatrust raises funds for acquisitions

Chinatrust Commercial Bank set a new landmark for Taiwanese issuers late on Thursday (March 10) when it priced its long awaited perpetual step-up ten deal. Launch of the transaction had been delayed for over six months while the bank negotiated with the regulator over the contentious issue of a 20% witholding tax on coupon payments. It finally managed to get round the tax by securing approval to launch the deal through its Hong Kong branch office.