Chunghwa Picture Tubes returned to the CB market with its second CB of the year yesterday Wednesday raising $190 million from a credit-enhanced CB led by ABN AMRO. The deal follows a re-bound in TFT-LCD stock prices, which has already encouraged Taiwan's other two second tier players - Hannstar Display and Quanta Display - back to the market with $140 million and $280 million deals.
However, CPT differs from its two predecessors because it has used a credit-enhanced structure and had to do so for regulatory reasons since it was loss making in 2002. It also needed to raise funds fairly quickly since its $230 million CB of January...
