CMC Magnetics close debut GDR and new CB

The Taiwanese digital storage media manufacturer provides investors relief from a stream of bank deals.

A $160 million debut GDR and $145 million convertible for CMC Magnetics were completed in quick succession on Tuesday by their respective lead managers JPMorgan and Lehman Brothers. After a few weeks of large equity-linked deals with low volatility from the Taiwanese banking sector, investors appeared to readily welcome a tech name with high volatility.

The GDR and convertible successfully fed off each other, with the convertible in particular able to take advantage of the potential availability of stock borrow to achieve more aggressive terms for CMC than has been the case in the past.

Pricing of the GDR came first, with terms fixed at $14.09, equating to a 6.67%...

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