powerchip-breaks-sixweek-drought-for-asian-convertibles

Powerchip breaks six-week drought for Asian convertibles

The DRAM manufacturer makes use of positive sector momentum to raise $303 million in a combined GDS offering. The CB is attractively priced, with bankers terming it a "no brainer".
Taiwanese memory chipmaker Powerchip Semiconductor last night June 26 became the first Asian company in six weeks to raise fresh capital from a convertible bond issue. It completed a $303 million combination deal that also included a sale of global depositary shares GDS.

Coming one day after Hynix Semiconductor completed a heavily oversubscribed $1.5 billion share sale, the deal was no doubt timed to take advantage of the current positive momentum in the sector. However, CB specialists say the bond was definitely priced to make it attractive in its own right.

There was no information on oversubscription levels for this deal last night, but market participants say the fact that both tranches were priced...
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