Stand Chart's electric convertible

BSES prices a convertible that perplexes the entire market.

Terms for a $120 million credit enhanced convertible for electricity distributor BSES Bombay Surburban Electric Supply were released by lead manager Standard Chartered at the beginning of this week.

The five-year deal represents the first equity-linked offering from India in nearly two years following Gujarat Ambuja Cements in January 2001 and only the second deal in nearly five years. As such it had huge rarity value and also marked an important mandate for the Standard Chartered team, which formerly dominated...

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