Asia Cement returns with $172.5 million CB

Taiwan-based Asia Cement last night returned to the market to raise $172.5 million from a convertible bond that was upsized by 38% from the original base deal and priced close to best terms for the issuer. This was Asia Cement’s second equity-linked deal this year following a $375 million exchangeable bond into textile manufacturer Far Eastern New Century in January.

Both bonds were filed with the Taiwan regulators in December last year, but the company chose to sell the exchangeable first to take advantage of strong demand for soft commodities early this year. Since then, there has been a significant rally in Chinese cement stocks and Asia Cement, which has...