Shinkong Financial completes debut CB

Debut CB follows 300% run-up in share price since April 2003.

Morgan Stanley gave Asia's shaky CB market a small lift yesterday Wednesday with the completion of a $260 million convertible for Taiwanese insurer Shinkong Financial.

The deal comes against a backdrop in which investors have lost a lot of money in the Asian CB market over the past two months and deal flow has almost dried up. Shinkong also had to contend with limited foreign ownership and almost no international research coverage despite its ranking as the country's second largest insurer with a fairly large $2 billion market capitalization and pretty standard 36% freefloat.

Both these issues, combined with a spectacular share price run-up, meant the order...

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