TSMC ADR and Benq GDR priced

The semiconductor giant prices at a record discount to spot after another busy day for the Taiwanese equity markets.

Joint bookrunners Goldman Sachs and Merrill Lynch completed an accelerated ADR in Taiwan Semiconductor Manufacturing Company after New York's close yesterday Tuesday raising $945 million for the Taiwanese government post greenshoe. The deal stands as the largest equity offering from Asia so far this year by some margin and for the Taiwanese government, is likely to be viewed as a huge success.

Pricing came at a record slim 0.67% discount to spot after a swifter than expected 15 hour marketing period, which saw the order book close two times covered with very little price sensitivity. The sale represented a divestment by the National Development Fund NDF, which sold 98% of the...

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