taiwan-paper-maker-achieves-high-premium-with-cb

Taiwan paper maker achieves high premium with CB

The $100 million bond issue can be exchanged for shares in Prime View International, which is attracting attention because of its move into e-paper.
After more than seven months without any publicly marketed equity-linked issuance from Taiwan, the market stirred to life last week with two deals û both offering exposure to the tentative recovery in the liquid crystal display industry.

Grabbing most of the attention was the $125 million convertible for Chunghwa Picture Tubes on Thursday, but in the wake of that, Yuen Foong Yu Paper Manufacturing completed a $100 million exchangeable that achieved the rare combination of a relatively high for Taiwan at least conversion premium of 25% and a zero percent yield.

The paper manufacturer is no stranger to the capital markets and was in fact the first Taiwanese company ever to issue a convertible bond...
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