Gigasolar beats deadline for dollar CB

Taiwanese solar cell manufacturer manages to close its debut overseas convertible bond three weeks before a regulatory deadline.

Taiwanese solar cell manufacturer Gigasolar Materials made its international bond market debut on Tuesday, printing a $110 million convertible bond less than a month before its regulatory approval expired.

The transaction joins a recent streak of issuers, which have tapped the equity-linked market ahead of potential US interest rate hikes.

There have now been four equity-linked issues over the past two months including Gigasolar, underscoring ongoing investor demand in the wake of last year’s decline in supply by about one third to $4.9 billion, the lowest level since 2012.

Last year’s volume was also highly concentrated in two large trades  Baosteel’s $500 million...

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