Tata Motors brings yen-denominated CB with negative yield

Indian truck and bus maker raises $100 million in third offer since 2003.

Tata Motors became the second Indian issuer to sell yen-denominated convertible bonds this year when the manufacturer of cars, trucks and buses completed a Ñ11.76 billion about $100 million offer in the early hours of Thursday morning.

The Citigroup-led deal was also unusual in that it has a negative yield, a structure not seen in Asian markets for over a year. Tata Motors itself was the first ever Indian issuer to offer a negative yield on one of the two...

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