E.Sun ushers dawn of new age for Asian CBs

In an increasingly familiar pattern, a Taiwanese financial holding company launched and executed a heavily oversubscribed offering within the space of a few hours yesterday (Monday). E.Sun Financial Holdings raised $160 million via lead manager Morgan Stanley in a deal that closed 8.3 times covered after only three hours and the imposition of a $10 million to $15 million cap on individual orders.