Hsinchu Bank completes CB

Provincial bank makes its CB debut.

A new name entered the convertible bond market on Thursday, with Merrill Lynch leading a $100 million deal for Hsinchu International Bank.

Like KGI Securities and Fuh Hwa before it, the bank opted not to list its deal on a stock exchange. It also included a continent conversion premium feature in the deal, otherwise known as Coco. This was first used in Asia two weeks ago in a $400 million convertible for Tata Motor. It enables issuers to continue running EPS numbers that do not take account of the new stock coming on stream.

With a strike price of 110%, conversion can be triggered if the deal trades above the Coco...

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