In a rare but welcome diversification from the Taiwanese tech and banking sectors, Morgan Stanley priced a $143.75 million convertible for shipping company Wan Hai Lines yesterday Monday.
The deal was launched under an accelerated timetable, with the transaction closing three-and-a-half-times oversubscribed after a marketing period, which spanned Asia's close to London's lunch. Individual orders were capped at $10 million to cope with the expected demand and the greenshoe was exercised shortly after launch bringing the deal size up from $125 million to $143.75 million.
Terms came at the aggressive end of the indicative range and comprised a zero coupon, zero yield, par redemption structure with a five-year maturity and...
