Passive components manufacturer Yageo Corp priced a $150 million convertible via UBS on Friday.
The five-year had a negative yield structure and was priced at par with a redemption price of 97.53%. There is also a put in year two at 99% to give a yield to put of minus 0.5%, the aggressive end of an indicative range between zero to minus 0.5%.
The premium was set at 15% to the stock's NT$14.9 close and there is a call option after six months subject to a 120% hurdle. The deal also has three re-sets, which take account of a recent rule change in Taiwan. Where before deals were re-set at...
