With Citibank Taipei as sole lead, the company followed recent precedent by opting for a zero coupon, two year put structure with a low conversion premium and high yield.
Raising $75 million, the five-year par-in, par-out deal came at the outer end of its indicative range and has an 8% conversion premium 7% to 15% indicated. This equates to a conversion price of NT$44.37. The deal is callable after one year subject to the 130% trigger and has a put option in year two at 112%, equating to 100bp over Treasuries, or a yield-to-put of 5.83%. The deal is also puttable in year three and four at par. There was no...
