Taiwan Glass Industrial Corporation has announced a $300 million raise from a three-year convertible bond (CB), thanks to the availability of asset swaps to cover the deal.

The CB comes fewer than two weeks after another Taiwan-based company, Solar Applied Material Technology, raised $115 million from a five-year deal and increases the amount raised by Taiwan issuers in the Asia ex-Japan CB market this year to $2.3 billion, or 15% of the total issuance.

The deal attracted interest from investors and domestic banks because of the fact that Taiwan Glass is an industrial company, as opposed to yet another tech-sector issuer.

While headquartered in Taiwan, it operates approximately 60% of its business in China where it ranks as the largest general glass manufacturer. Its products range from float glass, to glass fibre and photovoltaic glass for solar panels. The company is also in the process of expanding upstream by setting up a production facility for soda ash. The plant, which is located in China’s Jiangsu province, is scheduled to begin commercial production in the first half of 2012.

The company will use the proceeds from the CB to buy raw materials and to fund overseas investments.