chunghwa-picture-tubes-clinches-250-million-from-cb

Chunghwa Picture Tubes clinches $250 million from CB

Scarcity value and low premium help to carry the deal, while a leading industry player suggests troubles in the sector aren't over yet.
Taiwanese TFT-LCD panel manufacturer Chunghwa Picture Tubes has taken advantage of what is perceived to be a final two-week gap before investors head on holidays to raise $250 million from a convertible bond.

The bonds, which have been lurking in the pipeline for about six months, attracted a bit of interest due to a dearth of CB issuance out of Taiwan this year and some investors were likely convinced by a low conversion premium. However, the total demand was said to have been a bit thin to cover both the base size of $250 million and the $50 million greenshoe, which prompted a decision by sole bookrunner ABN AMRO Rothschild not the allocate the...
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