SinoPac to sell bonds

STAFF WRITER

Wed, May 15, 2002 - Page 18

SinoPac Holdings Co (建華金控), a bank holding company, has hired UBS Warburg to arrange its planned sale of as much as US$350 million of bonds convertible into shares, said a banker involved in the transaction. Convertible bonds offer investors a fixed return when shares fall while capturing any rise in the underlying stock.

SinoPac, formed following the reorganization of Bank SinoPac (華信銀行) and National Securities Corp (建弘證券) into a holding company, earlier said it plans to sell the securities by June. The sale will be part-managed by National Securities, the banker said.

Cathay Financial Holding Co (國泰金控) on Monday offered US$700 million of convertible bonds, while Fubon Financial Holding Co (富邦金控) in April sold US$430 million of bonds convertible into its shares.