A $160 million debut GDR and $145 million convertible for CMC Magnetics were completed in quick succession on Tuesday by their respective lead managers JPMorgan and Lehman Brothers. After a few weeks of large equity-linked deals with low volatility from the Taiwanese banking sector, investors appeared to readily welcome a tech name with high volatility.
The GDR and convertible successfully fed off each other, with the convertible in particular able to take advantage of the potential availability of stock borrow to achieve more aggressive terms for CMC than has been the case in the past.
Pricing of the GDR came first, with terms fixed at $14.09, equating to a 6.67%...
