Indian Hotels prices CB

Luxury hotel group completes debut convertible.

The Asian CB market gained welcome diversity yesterday Tuesday with the pricing of a $135 million convertible for Indian Hotels via Citigroup, Merrill Lynch and Morgan Stanley. Citi and Merrill were also lead managers of a $100 million deal for sister company Tata Engineering Locomotive Telco, the last convertible to hail from India in July 2003.

The huge liquidity currently propelling the regional equity-linked market was once again evident, with terms revised at launch and books closing...

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