Ritek CB finds an audience

Too much tech and too much Taiwan leads Ritek to adopt a pragmatic approach to the pricing of its debut convertible.
Following the lead of its immediate predecessors, Ritek has softened terms to accommodate investors that have done relatively poorly from each of the seven Taiwanese deals launched so far this year. Most have only recorded 1% to 2% swings either side of par, with Quanta Computer the one transaction to have performed well, rising roughly 8% above issue price since its mid February launch.

Ritek, the world's largestáCD-R manufacturer Compact Disc Recordableáinitially prepared to launcháa $300 million deal including greenshoe at the beginning of April, butápulledáback after Cable Wireless suddenly dumped itsáPCCWástake onto theámarket via a $1.5 billion exchangeable. The company returned on Wednesday with a reduced issue size of $160 million and...

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