The pricing of a $175 million convertible for Ritek Corp yesterday Tuesday sees Credit Suisse First Boston complete its first Taiwanese convertible in a number of years. Although the bank ranks as one of Asia's strongest equity-linked houses, Taiwan has always been a noticeable chink in its armour and one that it needed to rectify given the expansive pipeline of tech deals coming out of the Island Republic.
However, market observers believe the bank had to work hard to make its deal a success as there is only a very limited credit bid and no borrow in the BB- rated company whose stock has underperformed Taiwan's tech rally. Consequently, most competitor banks factored...
