HDFC breaks new ground with record convertible

$500 million deal promises slew of imitators from Indian financial services sector.

HDFC, the leading housing lender in India, broke new ground yesterday with a two times subscribed convertible bond. The $500 million issue was significant in two key respects. First, it was the largest convertible bond ever from India - beating a Tata Motors issue from April 2004 - and was likewise the largest Asian convertible bond to date in 2005 - beating a $475 million issue by LG Philips. Second, it was the first convertible bond from India's financial...

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