Asia Cement thinks small to seal CB at the third attempt

Taiwan-listed Asia Cement raised $215 million from its third convertible debt issue in eight years on Monday after substantially reducing its fundraising target despite a strong run in its share price.

The Taiwanese cement producer can breathe a sigh of relief now it has finally completed the convertible bond sale after two unsuccessful attempts. The company applied to the Taiwan Stock Exchange for a $400 million deal in both 2015 and 2017, but both deals did not materialise.

In March this year, Asia Cement made a new filing and said it hopes to raise $500 million the single largest fundraiser in the company’s history. The company...