SIS completes CB

A weak tech sector fails to deter the Taiwanese chipset manufacturer.

ING Barings completed a slightly scaled down $80 million transaction for Silicon Integrated Systems SIS yesterday Thursday after offering a deal with high equity sensitivity. Marking the company's debut in the international capital markets, the deal's low conversion premium and multiple re-sets were designed to appeal to investors who believe the tech sector will turnaround at some point later this year.

The deal follows the cancellation of a prospective ADR via Bear Stearns and stands out from recent Taiwanese deals because it is smaller, from a different sector and has a much lower bond floor. High theoretical value, however, makes the equity option cheap on an absolute basis.

Like Chinatrust and Sinopac before it, SIS...

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