gigabyte-issues-taiwan-convertible-with-zero-yield

Giga-Byte issues Taiwan convertible with zero yield

The equity story is underpinned by a recent joint venture announcement.
Taiwan-based motherboard manufacturer Giga-Byte Technology has raised $100 million from an aggressively priced convertible bond with no yield.

Consequently, the CB was sold purely on its equity story, which is expected to improve after the company announced a joint venture with Asustek Computer in August. According to a source, the offer was well covered with around 40 investors in the book when it closed after only two hours. About 80% were specialty CB investors who were likely pleased about the opportunity to buy something out of Taiwan.

Having accounted for a majority of Asian CB issuance until about 18 months ago, Taiwan has had only four other convertibles this year as companies have chosen other...
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