UMC returns with negative yield CB

Taiwanese foundry company returns with its third negative yield convertible since 2009 and Asia's largest Reg S equity-linked deal in one-and-a-half years.

Taiwanese foundry operator, United Microelectronics Corp UMC, returned to the convertible bond market on Monday with its third negative yield deal since 2009 and Asia's largest Reg S equity-linked deal in one-and-a-half years.

The transaction appears to have been well timed, with a number of research houses suggesting Taiwan will be the next recipient of foreign fund flows as investors rotate out of Asean and into North Asia.  

Lead managers Credit Suisse, HSBC and Morgan Stanley launched a $600 million zero coupon deal with an upsize option of $30 million according to a term sheet seen by FinanceAsia

Indicative...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222