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Friday, December 14, 2007
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IPO News
Dec 12 2007 12:52PM
CORP: Yingli Green Energy US$150m 5-yr zero-cpupon CB
* CHINA (12/12 07:10 GMT) Yingli Green Energy Holdings sold US$150m 5-yr 
zero-coupon CB due 15 Dec 2012. Greenshoe US$22.5m. IP par. Redemption 
@128.827. Put after 3 years on 15 Dec 2010 @116.427. Call, subject to a hurdle 
of 150%, before 15 Dec 2008 @105.22, before 15 Jun 2009 @107.917, before 15 
Dec 2009 @110.682, before 15 Jun 2010 @113.518, before 15 Dec 2010 @116.427, 
before 15 Jun 2011 @119.41, before 15 Dec 2011 @122.47 and before 15 Jun 2012 
@125.609. YTP 5.144%. Conv px=US$43.4/share, vs previous share close 
US$30.1399. Initial conv premium=40%. Settlement date 17 Dec. Lead managers 
are Credit Suisse, Goldman Sachs and Merrill Lynch Pierce Fenner& Smit. 
* THAILAND (12/12 03:45 GMT) Italian Thai Development PCL plans to sell CB 
up to US$200m or an equivalent amount in any other currency. The bonds will 
carry maturities of up to 7 years. The CB will be convertible into not more 
than 728 million of the company"s common stocks. The CB issuance plan has been 
approved by the company"s board of directors.
* TAIWAN (12/12 02:20 GMT) Taiwan Chi Cheng Enterprise (listed in Taiwan, 
stock code 3095) NT$1b (US$30.90m) zero-coupon CB. Maturity 5 years due 17 Dec 
2012. IP par. Put after 2 years on 17 Dec 2009 @101.0025. Call before 7 Nov 
2012 at 100%, subject to a 150% hurdle. 10% clean-up call. Conv px= 
NT$52/share, vs current px NT$49.1. Conv premium=10.19%. Max conv down=80%. 
Lead manager is Yuanta Core Pacific Secs.
* CHINA (12/11 06:55 GMT) Tangshan Iron & Steel Co (listed on Shenzhen 
Exchange, stock code 000709) sells RMB3b 5-yr CB due 14 Dec 2012. IP par. 
Step-up coupon at 0.8%ann to Dec 2008, 1.1% to Dec 2009, 1.4% to Dec 2010, 
1.7% to Dec 2011 and 2% to Dec 2012. Redemption at 110. Conv px = avg px for 
30 days after 14 Jun 2008. Current px = RMB20.72. Settlement date 14 Dec. Lead 
manager is BOC International.
* TAIWAN (12/11 02:28 GMT) Pro-Nets Technology Corp plans two CB issues. 
One will be NT$150m, while another will be NT$100m. Both will carry a tenor of 
5yrs and pay zero coupon. Proceeds will be used for general working capital. 
The NT$150m deal will be guaranteed by Chinatrust Commercial Bank. Fubon Bank 
is the trustee, while Chinatrust Securitieis is the undewriter. 
* KOREA (12/11 01:35 GMT) Hynix Semiconductor Inc sold US$583.4m 5-yr 
fixed-rate CB due 14 Dec 2012. IP par. Coupon 4.5%sa. Redemption at par. YTM 
4.5% (indication 4.5-5.0%). The bonds will be convertible into about 14 
million Hynix shares at KRW38,340 (US$/KRW=919.90) a share. Conv premium=42%, 
the high-end of indication 32-42%. Put at par after 2.5 yrs on 14 Jun 2010. 
Delisting & poison put. Softcall at par after 3 years on 14 Dec 2010, subject 
to a hurdle of 130%. 10% clean-up call. Proceeds for general corporate purpose 
and to build a new semiconductor production line. The transaction lured strong 
demand and ended up with more than 10 times covered from 200 investors 
involved. Heard that the CB traded higher in the grey market shortly after 
launch. Credit Suisse, Goldman Sachs, KDB, Macquarie, Morgan Stanley and Woori 
managed the sale.
* INDIA (12/11 01:00 GMT) Gremach Infrastructure Equipments & Projects Ltd 
US$50m 5-yr offshore CB due 22 Jan 2013. Coupon 1%ann. IP par. Conv px 
INR376.36/share. Conv premium 15%. Conv ratio 104.5807 shares. Parity 91.35. 
5% clean-up call. IRR 7.3%. Settlement 21 Jan 2008. Launch 10 Dec 2007. 
Standard Chartered is the lead manager of the deal. 
* KOREA (12/10 09:35 GMT) Hynix Semiconductor Inc plans to sell about 
US$500m 5-yr CB. Conv px between KRW35,640-38,340, representing 32-42% premium 
of today"s closing price. YTM 4.5-5.0%. Credit Suisse, Goldman Sachs, KDB, 
Macquarie, Morgan Stanley and Woori manage the sale.
* TAIWAN (12/10 04:18 GMT) Synmosa Biopharma Corp (listed in Taiwan, stock 
code 4114) NT$250m (US$7.73m) 3-yr domestic zero-coupon CB. Maturity date 17 
Dec 2010. IP par. Conv px NT$37.82/share. Conv premium 1%. Conv ratio 
2644.1036 shares. Parity 100.87. Put @100.5 after 2yrs. 10% clean-up call. 
Settlement 17 Dec 2007. Launch 7 Dec 2007. Proceeds will be used to repay bank 
loans. Hua Nan Commercial Bank is the trustee, while Taiwan Securities is the 
underwriter. The deal will be guaranteed by Fubon Bank. 
* TAIWAN (12/10 01:45 GMT) Synmosa Biopharma Corp obtained regulatory 
approval from FSC to sell NT$250m 0% domestic CB. Tenor will be 3yrs. Conv px 
is set at NT$37.82/share. Proceeds will be used to repay bank loans. Hua Nan 
Commercial Bank is the trustee, while Taiwan Securities is the underwriter. 
The deal will be guaranteed by Fubon Bank. 
* TAIWAN (12/06 01:20 GMT) Everlight Electronics (listed in Taiwan, stock 
code 2393) NT$3b (US$92.8m) 5-yr domestic zero-coupon CB. Maturity date 14 Dec 
2012. IP par. Conv px NT$130/share. Conv premium 5.43%. Conv ratio 769.2308 
shares. Parity 96.15. Put @100 after 3yrs. 10% clean-up call. Settlement 14 
Dec 2007. Launch 5 Dec 2007. Horizon Securities is the lead manager. 
* CHINA (12/05 08:35 GMT) Home Inns & Hotel Management Inc, a Chinese 
budget hotel operator listed on the Nasdaq, sold RMB1.1b 5-yr zero-coupon CB 
due 10 Dec 2012. IP par. Convertible price at US$53.09/share, the middle of 
indication US$52.31-544.25. Conv premium=37% over Monday"s share price close 
at US$38.75. Puttable after 3 years @101.51 on 10 Dec 2010. Poison put. 
Delisting put. Call also after 3 years @100 on 10 Dec 2010, subject to a 125% 
hurdle. 10% clean-up call. Demand was termed strong with the final book about 
five times covered with 45-50 investors participating. Proceeds for working 
capital and general corp purpose. Credit Suisse and Merrill Lynch were lead 
managers.
* TAIWAN (12/05 08:52 GMT) IA Co Ltd (listed in Taiwan, stock code 6177) 
NT$300m (US$9.28m) 3-yr domestic zero-coupon CB. Maturity date 13 Dec 2010. IP 
par. Conv px NT$19.80.share. Conv premium 1%. Conv ratio 5050.5051 shares. 
Parity 102.53. Put @103.53 after 2yrs. 10% clean-up call. Settlement 13 Dec 
2007. Launch 5 Dec 2007. The bond is guaranteed by Taiwan Cooperaive Bank. 
Chinatrust Securities is the lead manager. 
* TAIWAN (12/05 01:35 GMT) Shan-Loong Transportation (listed in Taiwan, 
stock code 2616) NT$300m (US$9.28m) 5-yr domestic zero-coupon CB. Maturity 
date 11 Dec 2012. IP par. Conv px NT$16.10.share. Conv premium 1%. Conv ratio 
6211.1801 shares. Parity 99.38. Put @102.01 and 103.03 after 2yrs and 3yrs 
respectively. 10% clean-up call. Settlement 11 Dec 2007. Launch 5 Dec 2007. 
Chinatrust Securities is the lead manager. 
* TAIWAN (12/04 04:05 GMT) King Chou Marine Technology is seeking approval 
from FSC to issue up to NT$300m 5-yr domestic CB. The zero coupon bond will 
come with both put and call options. Chinatrust Commercial Bank is the 
trustee, while Chinatrust Securities is the underwriter of the deal. 
* HK (12/04 03:10 GMT) PB Issuer Limited launches US$350m convertible bond 
due 1 Feb 2013. The bond will be convertible into shares of Pacific Basin 
Shipping Ltd (stock code 2343.HK) Coupon 3.3%sa. Conv px HK$19.28 (FX rate: 
HK$7.7867/US$). Conv premium 27%. Conv ratio 4038.7448 shares. Parity 75.49. 
Settlement 20 Dec 2007. Launch 3 Dec 2007. Goldman Sachs (Asia) is the 
arranger of the deal.
* TAIWAN (12/03 09:12 GMT) Hwacom Systems Inc plans to issue up to NT$200m 
domestic CB. The 3-yr 0% bond will be guaranteed by Mega Intl Commercial Bank. 
Proceeds will be used to repay bank loans. Polaris Securities is the 
underwriter of the deal. Other details are not decided yet. 
* TAIWAN (12/03 09:00 GMT) Tatung Co (listed in Taiwan, stock code 2371) 
NT$2.5b (US$77.41m) 5-yr domestic zero-coupon CB. Maturity date 10 Dec 2012. 
IP par. Conv px NT$19.75.share. Conv premium 25%. Conv ratio 5063.2911 shares. 
Parity 82.28. Put @100 after 3yrs. 10% clean-up call. Settlement 10 Dec 2007. 
Launch  3 Dec 2007. China Development Industrial Bank is the guarantor. Lead 
manager is Grand Cathay Securities.
* TAIWAN (11
						
						
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