An active day for the US investment bank, Thursday, with the completion of an upsized $450 million convertible for PCCW and launch of a $175 million convertible for Taiwanese IC packager and tester Siliconware Precision Industries.
Rumours that Morgan Stanley was quietly pre-marketing an equity-linked deal for PCCW first began circulating on Tuesday following the completion of the telecommunication group's private placement convertible with Intel the previous day. A large number of rival bankers were, nevertheless, mildly surprised when a deal did emerge yesterday Thursday, since many have tried and failed to launch deals for the group since the completion of its $750 million bond issue via JPMorgan...
