Lite-On re-opens Asian CB market

Citigroup takes mandate off Morgan Stanley and UBS to bring the first equity-linked deal of the autumn months.

A $225 million convertible by Taiwan's largest LCD monitor manufacturer has given other issuers in the pipeline mixed signals about the state of the Asian equity-linked market. Traditionally issuers at the head of the pipeline have been able to benefit from the most aggressive terms because the market is still fresh. In this instance, however, Lite-On Technology only just managed to get a deal done yesterday Wednesday, suggesting that investor appetite for Asia is lukewarm at best.

Originally, Morgan Stanley and UBS were mandated for the deal after outbidding house bank Citigroup in late June. But having failed to execute a deal over the summer and again after soft marketing...

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