Macronix prices CB

An $80 million Taiwanese convertible offering one of the lowest conversion premiums and widest credit spreads on record was priced last night (Tuesday) via Credit Suisse First Boston. However, getting a deal done for Macronix is likely to be considered as something of achievement given that the B+ rated company has the lowest credit standing in the Taiwanese convertible universe (rated or otherwise), was trading at over 1,000bp over Libor only three months ago and the tech sector is show few signs of a re-bound.