Indian auto parts manufacturer Motherson Sumi broke new ground for the Asian equity-linked market on Friday, with the completion of the region's first euro-denominated CB. Prior to this deal, the only other transaction with a euro component has been Temasek's multicurrency Finlayson exchangeable of 1999.
Motherson Sumi is said to have wanted euro funding because the currency provides a better match for its cash flows. Nearly two thirds of its production capacity is exported, with...