Taiwan Glass raises $300 million from three-year CB

Taiwan Glass Industrial Corp beat an uncertain market environment yesterday to raise $300 million from a three-year convertible bond, thanks to the availability of asset swaps to cover the entire deal.

The CB comes fewer than two weeks after another Taiwan-based company, Solar Applied Material Technology, raised $115 million from a five-year deal with a three-year put, and increases the amount raised by Taiwan issuers in the Asia ex-Japan CB market this year to $2.3 billion, or 15% of the total issuance.

The deal attracted interest both from investors and domestic banks because of the fact that Taiwan Glass is an industrial company, as opposed to...