INI steel completes convertible

One of the weakest credits in the Asian convertible universe manages to complete a deal despite a day of immense volatility.

Goldman Sachs successfully cleared a debut $100 million convertible for Korea's INI Steel yesterday Wednesday by pricing the deal at the outer end of its indicative range. The deal size was relatively small, but it was nevertheless testament to the lead's skill in being able to hold any kind of book together at all during the worst trading day for the world's equity markets since September 11.

Pricing of the five-year offering came with a zero coupon, a 12.5% conversion premium to a spot close of Won6,400 and a yield-to-maturity of 5.75%. This compares to an indicative premium of 10% to 15% and yield-to-maturity of 5.25% to 5.75%.

The deal also has a three-year call...

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