Far EasTone and Macronix launch convertibles

Two Taiwanese companies at opposite ends of the credit spectrum launch back-to-back CBs.

On the day the Taiwanese stock market suffered its largest single day drop so far this year, the convertible market was boosted yesterday Monday by the surprise launch of deals for Taiwan's third largest cellular company and its largest DRAM manufacturer.

Morgan Stanley ran the books for of a $100 million deal for Far EasTone Telecommunications FET, which was launched and closed within the space of four hours. Clearly demonstrating a new and much more aggressive edge to its Asian ECM operations, the bank marched in and took the deal off Goldman Sachs, which had already filed terms with the SFC and also holds a GDR mandate for the company. In...

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