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>
July 22, 2011

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.

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