Comeback for convertibles
Resilient equity markets in Taiwan, among other things, have contributed to a big increase in onshore issuance of convertible bonds. Meanwhile, falling US interest rates may bolster offshore issues. Toby Garrod reports
For many years, a pulse was barely detectable in the Taiwanese convertible bond (CB) market. But issuance is picking up on the island, as the new Kuomintang government ushers in new economic hope amid a thaw in relations with China.
The overall amount of CB issuance has grown rapidly, from around $800 million (NT$25.3 billion) in 2003 to around $3.2 billion in 2007, says the Financial Supervisory
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