Indian telecom tower operator issues low-premium CB

GTL Infrastructure is able to upsize the deal to $250 million after attracting $1 billion worth of demand.

GTL Infrastructure, an Indian operator of telecommunication towers, last night raised $250 million from the sale of five-year, zero coupon convertible bonds, which provided further evidence of how starved investors are for CBs at the moment.

Only eight CBs have come to market over the past two months and, of those, only two have been from India. This is leading to significant pent-up demand รป especially since the equity markets continue to rally. GTL initially offered $200 million worth of...

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