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Largest combined exchangeable in Asia

Four companies in the Asian Formosa Group have issued the largest simultaneous four-in-one convertible bond in the region to date, for $1 billion. Formosa Petrochemicals, Formosa Plastics, Nan Ya Plastics and Formosa Chemicals & Fibre have each simultaneously issued $250 million in bonds exchangeable into shares of Formosa Petrochemicals.

Not only was the deal the largest of its type ever to be issued in Asia, but it was also the first issue out of Taiwan, as a result of its size, to be listed on the Singapore stock exchange.

Goldman Sachs led the deal as global coordinator and sole bookrunner, advised on the deal?s structure by law firm Linklaters in Hong Kong.

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