Memory chip maker ProMOS Technologies last Friday (February 9) raised $300 million from the first convertible bond by a Taiwanese company this year The bond came on the back of a two-month decline in the share price, which may have helped it to achieve aggressive pricing, including a 19% conversion premium and a zero percent yield
Observers said the pricing was partly a function of the high level of liquidity in the market and the shortage of CBs from Taiwan over the past year
ôLike the other deals this week, this was very quickly covered with a lot of chunky orders There is huge liquidity out there and you can perhaps price a bit more...
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