Comment / On the wires: Evergreen convertible debut – Taiwan honeymoon over?

“The board of directors resolved to issue the first overseas unsecured euro convertible bonds.” – Evergreen Marine Corporation, 9 July 2020.

If anything, last week’s announcement by Taiwanese carrier Evergreen Marine means that there isn’t enough cash to spare in Taiwan to bail out all the container shipping companies in need of fresh funding there – or just to fund their overly ambitious projects.

Reminder: in early June, Evergreen told The Loadstar that it applied for TWD8bn in loans to be guaranteed by the government. The application ...