Yageo completes GDR

Underlining a weakening tone to the Taiwanese equity market, the company priced its GDR at the year''s widest discount to spot late last week.
A 200 million new share offering for Yaego was priced by lead manager JPMorgan late last Thursday at $3.412, representing a 10% discount to the stock's NT$26.5 close. Most Taiwanese companies have been opting for the relative safety of the convertible market so far this year, with only two other local companies braving the GDR market.

In early March, Sunplus Technology achieved an 8.28% discount to spot via UBS Warburg and two months later, Compal Electronics came at a 6.32% discount via Goldman Sachs. At 10%, Yageo also falls outside the 6% median discount achieved by the 15 or so Taiwanese companies that...

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