Lead manager Morgan Stanley has successfully closed a $175 million issue for Siliconware Precision Industries after holding books open over the weekend and pricing in New York late on Monday night.
According to the lead, the deal was not priced as initially anticipated on Friday afternoon Asian time because of an execution issue. According to the market, this related to a 7% drop in the company's share price on Friday, which closed limit down.
Having opened books at New York's open the previous night, this left the company and lead manager with the dilemma of whether to price off Thursday's higher NT$27.9 close or Friday's lower NT$26.8 close. For the company, it...
