Yageo Corp springs CB

The Taiwanese electronics resistor manufacturer has become the country''s fourth issuer to head to the convertibles market in the space of just under three weeks.

The quick succession of deals from Taiwan has resulted in a much lower subscription level of two-and-a-half to three times for Yageo's $220 million offering, compared to the 10 to 12 times levels recorded last week by Quanta and Acer. Highlighting that there are limits to investor appetite despite the region's fundamental supplydemand imbalance, the deal has, nevertheless, been considered a success after achieving similar pricing levels to its immediate predecessors.

Prior to pricing yesterday Thursday, there had been some confusion about terms, however, after the deal's re-filing documentation was mistakenly sent out as a final term sheet by one syndicate bank. In the filing, the company had...

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