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- Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM) is set to sell local currency bonds in Taiwan to raise its spending capacity amidst the semiconductor chip crisis. The company intends to raise $575 million (NT$16 billion) in a debt offering in three parts via auction, Bloomberg reports. The issuance amount is subjected to changes.
- The recent rise in global corporate bond yields could act as a dampener for the offering.
- Recently Taiwan Economic Minister Wang Mei-Hua assured support to the U.S. as the latter reached out to tackle the auto chip crisis. TSM disclosed its plans to raise its capital expenditure to $28 billion to solve the crisis, including a $12 billion plant in Arizona. It led to the approval of NT$120 billion debt offering and dollar note issuance guarantee up to $4.5 billion.
- The initiative could not have been more appropriately timed, considering the key component crisis plaguing everything from smartphones, televisions, and cars.
- Price action: TSM shares are down 0.88% at $131.23 on the last check Thursday.
- Related News: Biden Seeks $37B In Congressional Funding To Counter Chip Crisis: Reuters
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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