Lead manager Goldman Sachs appears to have pulled off one of the trickiest deals to execute so far this year - a four headed convertible and exchangeable by Taiwan's Formosa group.
Convertible specialists say terms on the $800 million deal priced yesterday Monday were not expensive. But the size was a major problem. Should the $200 million greenshoe be exercised, the $1 billion deal will rank as the largest equity-linked deal from Taiwan on record.
More importantly, it has come at a time when Asian CB investors are sitting on large losses from earlier transactions and have not been showing much inclination to participate in the primary...
