Taiwan offers slim pickings for Asian ECM

Taiwan continues to provide virtually the only equities business for Asia''s primary markets, with the launch of a non-deal roadshow for Chunghwa Telecom and convertibles for D-Link and Gigabyte.
D-Link

Grand Cathay Securities has led its first dollar-denominated convertible, with a $30 million rolling put issue for networking, data communications and digital electronics manufacturer D-Link. Priced Wednesday, the five-year deal was unusual for the incorporation of a discount rather than a premium to spot, with the conversion price set at NT$50 $1.54, a 2.5% discount to the stock's NT$51 close in Taiwan.

Lead bankers, however, have preferred to use a 30-day average to the day before pricing, at which point the deal comes at a 10.7% premium to NT$45.17. Indeed, D-Link ranks as one of Taiwan's best performing companies so far this year, rising 83.85% to Thursday's close, compared...

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