A regulatory change putting foreign currency bonds sold in Taiwan on a par with domestic debt triggered two notable offerings in the Formosa market last week. Societe generale priced its first US dollar-denominated Formosa bond, a US$605m dual-tranche 20-year issue, while deutsche bank placed a US$670m 30-year bond, the largest deal on record since the US dollar Formosa bond market opened in 2006. Deutche's bond priced to yield 4.9%. The SG bond included a US$355m zero-coupon tranche, with an internal rate of return of 4.5%, and a US$250m fixed-rate tranche that priced at par with a 4.1% coupon. SG's bonds will be listed in Taiwan's Gretai market next Tuesday.
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