Powerchip prices CB

One week investors have to contend with the prospect of negative yields; the next they come up against the novel concept of negative conversion premiums.

Jackie Horne

June 19, 2003

Lehman Brothers completed a $90 million convertible for Taiwanese DRAM manufacturer Powerchip yesterday (Thursday) with books closed after just one hour of marketing. At this point the deal was roughly five times oversubscribed as investors flocked back into the idea that DRAM prices are finally recovering.

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