Taiwan offers slim pickings for Asian ECM

Grand Cathay Securities has led its first dollar-denominated convertible, with a $30 million rolling put issue for networking, data communications and digital electronics manufacturer D-Link. Priced Wednesday, the five-year deal was unusual for the incorporation of a discount rather than a premium to spot, with the conversion price set at NT$50 ($1.54), a 2.5% discount to the stock's NT$51 close in Taiwan.