In November 2009, Credit Suisse was the sole bookrunner on a $207m exchangeable bond for Taiwan-based microelectronic company UMC, utilising a swap of Unim-crom and Novatek assets. Nothing unusual about that; except that it is a prime example of packaging an existing financial technology with a fresh idea to open a new market. "Backing UMC's dual-tranche exchangeable bond with an asset swap wasrnkey to making the transaction a success," says Frank Heitmann, head of convertible origination, EMEA, at Credit Suisse.
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