King Yuan completes CB

Taiwanese semiconductor and testing company raises $90 million.

Another finely priced convertible was completed on Friday as the equity-linked market continued to perform strongly and stock market recorded its second largest day of net inflows by foreign investors ever, with $470 million recorded.

Lehman Brothers led a $90 million transaction for King Yuan Electronics, the company's first true offshore deal following an earlier dollar denominated deal by National Securities.

The only variables during the launch period were the conversion premium, which was marketed at 16% to 25% and the put option, which was marketed at 20 to 24 months. The latter was left unfixed because the company was keen to extend the maturity as far as it could, but...

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