The Taiwan equity-linked sector produced $420 million of issuance on Friday with the completion of a $250 million convertible for Taiwan Cement via ABN AMRO and a $170 million convertible for Mega Financial Holdings via Citigroup, Lehman and Morgan Stanley.
For Mega, a new transaction marked a relatively swift return to the convertible market following the completion of a $600 million deal last September. Both of its issues stem from the group's need to rid itself of outstanding Treasury shares ahead of the government's cut-off date and on full conversion account for roughly 95% of the total.
Mega's September 2005 transaction provided a close pricing benchmark for its new August 2005...
