Giga Solar uses asset swap to launch debut dollar CB

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By Jonathan Breen
16 Jun 2016

Taiwanese green technology firm Giga Solar Materials Corp wrapped up its debut dollar convertible bond this week, raising $110m on Tuesday. For its first visit to the equity linked market in nearly two years, the low profile issuer had to provide a 100% asset swap to entice investors, writes Jonathan Breen.

An asset swap is typical for dollar-denominated CBs from small and medium sized Taiwanese companies, but in Giga’s case it was all the more important. The issuer is a leader, said a source close to the trade, but in a niche industry, so it is not well known ...

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