Tata Chemicals has to re-price CB

Indian equity-linked market gets 2005 off to a very poor start.

Tata Chemicals completed its debut convertible bond issue on Tuesday January 25 raising $150 million from a deal led by Citigroup, Deutsche Bank and Merrill Lynch. Yet, like so many Asian CBs these days, the transaction ended up being re-priced below par, with the three banks losing practically all of their fees.

Tata's deal appears to mark yet another instance where a borrower pushes for overly ambitious terms fuelled by the aggressive pitches of investment banks...

To continue reading, please login or register for free

Click for more on: tata | chemicals | reprice | cb

Print Edition

FinanceAsia Print Edition

CONFERENCES