Panva launches as Taishin closes CB

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.