Taiwan equity deluge begins

The beginning of what may be the most active two week issuance period of 2003 sees Nan Ya set off on roadshows, Chunghwa Telecom continue roadshows and the government prepare to launch a benchmark offering in TSMC.

Bankers are anticipating one of the busiest periods of the year for Taiwan with at least two benchmark deals set to price this week and at least three next week.

First off is Nan Ya Technology, which began roadshows yesterday Monday for a concurrent GDR and exchangeable offering. The roughly $600 million deal has a relatively crowded syndicate line-up with UBS acting as global co-ordinator alongside Goldman Sachs as joint bookrunner on the GDR and Morgan Stanley as joint bookrunner on the exchangeable.

For the GDR, which represents a debut issue for the company, there will also be three joint-leads comprising ABN Amro, Citigroup and Morgan Stanley. On the...

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