The first-ever Taiwan dollar-linked US dollar-denominated convertible bond is set to redefine the country’s convertible bond market.
Taiwan’s United Microelectonics Corporation (UMC) $500 million five-year zero-coupon deal, which was structured specifically to avoid a complicated transition to International Financial Reporting Standards (IFRS), had set a precedent for follow-on issues in the country, a person familiar with the deal structure told IFLR.
The deal was...