Amtek Auto brings "low" premium Indian convertible
Investors award modest conversion premium with hefty demand that drives yield to the tight end of the indicated range.
IndiaÆs Amtek Auto has raised $250 million from a convertible bond sale that drew strong demand from investors who welcomed the auto parts manufacturerÆs decision to come to market with a fairly moderate premium.
After a slew of 40-50% premium deals out of India, AmtekÆs fixed premium of 30% stood out as extremely reasonable - and in combination with the companyÆs strong track record and solid earnings outlook this appeared to have turned the CB into an offer that ôeveryoneö...
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