SinoPac completes CB

A measure of stability returns to the Taiwanese convertible market as SinoPac Holdings clears its deal.

Despite being launched less than two weeks after a $400 million issue for Chinatrust, a $200 million convertible for SinoPac appeared to enjoy a relatively smooth ride yesterday Monday. The UBS Warburg-led deal never fell below par after the announcement of terms and opened secondary market trading at London's close around the par-and-a-half level.

Concerns that investors cannot absorb such a huge wash of Taiwanese financial holding company paper seem to be receding slightly. But the key to straightforward execution was the stable secondary trading pattern of the SinoPac's four predecessors and likelihood that it is probably the last in the immediate pipeline. Its most immediate predecessor, Chinatrust, also provided a very...

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