Nan Ya Plastics flexes bond credentials

HSBC, Citigroup and Deutsche Bank priced a rare floating rate note deal on Friday for Taiwanese corporate Nan Ya Plastics on Friday (October 28). The senior unsecured deal, rated BBB+ by S&P, is a $350 million Reg S transaction with a five-year maturity. The deal was launched through the group's wholly owned Hong Kong unit, Nan Ya Plastics (HK) Corp Ltd, in order to avoid Taiwan's 20% withholding tax on coupon payments.