Taiwan Glass woos investors with debut convertible
Taiwan Glass Industrial Corp raised $300m from a debut convertible bond on Thursday night, after the company pitched investors with an attractive conversion premium and ample asset swaps to help the deal gain momentum in difficult markets.
Bankers initially sounded out the market with a 26%-30% conversion premium. But this was narrowed to 26% and a T$61.49 conversion price to lock-in investor demand. The three year deal has a 0% coupon.
Sole bookrunner Standard Chartered increased the convertibles appeal further by providing asset swaps
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