Asia Cement raises $220 million from zero-coupon CB

Asia Cement last night raised $220 million from the sale of a five-year, zero-coupon convertible bond, which it plans to use to repay maturing bonds. Due to strong demand, the deal was upsized in full, or by 10%.

The transaction came after the Taiwanese company’s share price on Monday hit its highest close since December. It is the second US dollar CB out of Taiwan this year after Far Eastern International Bank raised $150 million from a zero-coupon deal in late January.

The Asia Cement CB launched with a base size of $200 million, but came with an upsize option of $20 million that was exercised...