Investors stay tuned to Zee CB

A second Indian convertible pushes out aggressive terms.

Cable and satellite operator Zee Telefilms followed Tata Motor into the convertible bond market yesterday Tuesday with a smaller but only marginally less aggressive convertible bond deal. Terms for the $85 million deal were pitched either side of parity, then priced through it after order books closed more than 10 times covered despite a 10% cap on individual orders.

Such a reception might seem surprising given the initial trading pattern of Tata's two tranche deal, which fell below...

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