The world's biggest footwear supplier, Pou Chen Corp PCC, completed an extremely popular $260 million convertible yesterday Thursday via Citigroup and Merrill Lynch. The deal was 20 times covered by the time books were closed at 5pm Asian time, having been launched straight after the stock's close in Taiwan a few hours earlier.
Terms comprised a five-year maturity with an issue price of par, zero coupon and redemption at 99.501%. There is a put after year three at 99.80% to give a yield to maturity of minus 0.1%.
The deal was marketed on a conversion premium range of 12.5% to 22.5% over the stock's NT$38.6 close and was priced...
