New regulations cause Formosa decline

By Frank Jackman
18 Apr 2019

Structured issuance in Formosa format has tumbled amid a wider decline in structured MTN volume year to date, which Dealogic data shows has fallen from $9.98bn across 213 trades at this point in 2018 to $5.08bn across 119 deals this year.

A Taiwan-based MTN dealer blamed regulation introduced in the country last November for the fall in structured Formosa issuance.

“A cap was introduced to control the foreign denominated investment of local life insurance companies,” said the dealer. “Investors had previously been very active, and so when this cap was ...

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