CMC Magnetics plays to investors

The Taiwanese CDR manufacturer breaks Asia''s equity drought with a convertible bond.

Jackie Horne

March 21, 2003

Following an accelerated five-hour bookbuild, lead manager JPMorgan completed a $120 million convertible for the world's largest CDR manufacturer on Friday. Having watched the market all week, a decision was taken to launch the deal on the back of rising stockmarkets in Asia and Europe, with books closing 2.8 times covered.

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