If much-needed domestic bank consolidation ever gets off the ground in Taiwan, those banks that have brought successful subordinated debt issues to the market might be the most likely consolidators. Successful issues are a sign of confidence on the part of the market in a specific bank, and last year Taiwanese banks emerged to test their popularity.
They tapped the international capital markets for the first time since 1998, with three banks attempting subordinated debt issues that had markedly different receptions.
This perhaps suggests that a vibrant flow of deals from Taiwan will not emerge in the immediate future.
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