Having surpassed Asustek as the Republic's largest motherboard manufacturer during 2001 and watched its stock climb 300% during the latter half of the year, Elitegroup Computer Systems ECS decided to cement its improved domestic standing at the beginning of 2002 with a first international equity offering.
UBS Warburg was mandated for a $100 million five-year zero coupon transaction and after spending a few weeks credit marketing, a deal was launched and priced within the space of eight hours on Monday. Part of the reason for the speedy execution was a volatile Treasury market, which made the lead's job particularly difficult since it needed to adjust for a 75bp back-up in two-year Treasury spreads within pre-set...
