Pegatron success will encourage more convertible bonds
Taiwanese technology manufacturer Pegatron sold a $300m five year convertible bond this week, finding around $900m of demand — and giving encouragement to bankers hoping to launch more deals over the next few weeks.
The order book for Mondays deal was covered three times as investors flocked to buy the cheaply priced issue, providing a stark contrast to an earlier convertible issued by competitor Wistron, said equity-linked bankers on and off the deal.
Pegatrons new CB traded up in the aftermarket on Tuesday
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