Nan Ya Tech prices CB

Investors bet DRAM cycle has begun to turn.

DRAM manufacturer Nan Ya Technology rode on the back of the tremendous liquidity pouring into the Taiwan market yesterday Wednesday with the pricing of a $200 million convertible. Having risen 8.5% in the two trading days since Chinese New Year alone, the stock is now up 19.7% on the year. This sudden upswing follows a protracted decline over the second half of 2003, when Nan Ya fell from its July peaks around the NT$30 level to the NT$19 mark in December.

Timing has therefore taken advantage of a new bull run propelling the Taiwan tech sector and the deal has consequently been able to secure aggressive terms.With ABN AMRO and Citigroup...

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