Taiwan Glass raises $300 million from three-year CB

Hedge funds flock to Taiwan Glass's zero-yield CB as domestic banks provide enough asset swaps to cover the entire deal, but the conversion premium is fixed at the investor-friendly end.
<div style="text-align:left;">
Taiwan Glass makes glass for China’s booming construction and auto industries (AFP) </div>
<div style="text-align:left;"> Taiwan Glass makes glass for China’s booming construction and auto industries (AFP) </div>

Taiwan Glass Industrial Corp beat an uncertain market environment yesterday to raise $300 million from a three-year convertible bond, thanks to the availability of asset swaps to cover the entire deal.

The CB comes fewer than two weeks after another Taiwan-based company, Solar Applied Material Technology, raised $115 million from a five-year deal with a three-year put, and increases the amount raised by Taiwan issuers in the Asia ex-Japan CB market this year to $2.3 billion, or 15% of the total issuance.

The deal attracted interest both from investors and domestic banks because of the fact that Taiwan Glass is an industrial company, as opposed to...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222