It took about a week of intense negotiations and positioning, but yesterday afternoon Wistron Corp’s long-awaited convertible bond finally hit the market, making it the first Asian CB in 2012.
The deal has shrunk significantly from the $550 million transaction that the company was targeting when it made the initial filing some six months ago although Wistron has re-filed for a smaller $300 million deal since then as market conditions have deteriorated and banks were unwilling to provided enough asset swaps to cover a bigger transaction. It turned out to be crucial to have enough swaps in place to cover the base deal as investors are currently not willing to...
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