Taiwan Cement nets $400m from NT$-linked CB

cement px230
By Jonathan Breen
27 Nov 2018

Taiwan Cement Corp printed a $400m convertible bond linked to the Taiwanese dollar on Monday, marking its first equity-linked issue in over a decade.

Sole lead JP Morgan launched an accelerated bookbuild at 6pm in Hong Kong. The notes, which have a five put two zero coupon structure, were on offer at a 16%-20% conversion premium over Taiwan Cement’s Monday close of NT$35.35 ($1.14) a share. The range translates to a NT$41-NT$42.42 ...

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