Intense activity in the global convertible market is spilling over into Asia, with three benchmark deals now priced in the space of two days. Following the huge demand generated by a $160 million deal for E.Sun Financial on Monday, Quanta Computer and Chi Mei Corp stepped into the market on Tuesday with a further $425 million in paper.
Pricing on both deals shows just how far the Asian market has moved since the beginning of the year when only the TFT-LCD manufacturers were so needful of 5G funding that they were prepared to cede multiple re-sets and highly defensive structures.
The shift is particularly underlined by the pricing Chi Mei...
