thoresen-thai-issues-cb-with-scarcity-value

Thoresen Thai issues CB with scarcity value

A low premium and demand for Thai paper helps the shipping company to raise at least $140 million.
Integrated shipping company Thoresen Thai Agencies last night raised $140 million from the sale of convertible bonds which attracted strong demand particularly from Asia-based accounts.

This is only the second CB to be issued by a Thai company since late 2002, which gave it a definite scarcity value and observers note that this value was compounded because there are also very few CBs issued by the Asian shipping sector. From a diversification perspective, this bond was almost ideal and this was confirmed both by the level of interest and the low bond floor û which suggests investors were willing to pay a bit extra for the equity option.

It obviously didnÆt hurt either that Thoresen...
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