IBT completes CB

The International Bank of Taipei raises $180 million from a convertible bond.

Bookrunner Merrill Lynch took an unusual but effective approach to syndicating a convertible for IBT on Wednesday December 15. Faced with the common problem of having to bring a deal to market with aggressive terms, it decided to bookbuild the transaction on a range that spanned no fees to full fees.

Historically banks have got caught out trying to sell deals at par to a reluctant investor base and then having failed to build any momentum, have had to drop pricing down or through their fees. In this instance, Merrill's took the opposite approach and went out with a range that would have given it no fees had it priced...

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