Panva launches as Taishin closes CB

Strong oversubscription reveals pent-up demand for convertible sector.

Taishin Financial Holdings launched and closed the first equity-linked issue by a Taiwanese financial institution in nearly nine months yesterday Thursday. Led by Salomon Smith Barney, books for a $180 million deal closed eight-and-a-half times covered after a five-hour marketing period, which clearly demonstrated how clearly investor appetite for financial holding company CBs has improved since a string of issues saturated the market last summer.

The deal, which had an original filing for $250 million, had been expected all week and when it finally came attracted a total of 168 accounts, with a split of about 40% credit demand, 60% outright accounts. Pricing came at the tight end of indicative terms and...

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