Compal re-opens convertible market

And does so with aggressive terms.

Asia's first tech deal since July has been completed following the pricing of a $345 million including shoe convertible for Taiwan's Compal Electronics early last Friday Asian time. The transaction came at the wide end of its indicative range, but terms were felt to have been pushed as far as investors would allow them and were supported by aggressive credit appetite from lead manager Salomon Smith Barney, which benefits from a strong presence in the domestic banking sector.

Terms comprised a zero coupon, five-year deal with a conversion premium of 21% to a volume weighted average price of NT$30.20 on October 3 and redemption price of 114.63%. There are also three-year call and put...

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