Jaiprakash Power CB stirs up emotions

The $200 million deal is re-offered below par from the start, sparking a lot of noise about it not being fully distributed, but sources say the underwriter is not long any bonds.

Jaiprakash Power Ventures, a developer and operator of hydroelectric power projects in India, yesterday raised $200 million from the sale of five-year convertible bonds. The deal attracted a lot of attention, both because of the timing -- it was launched late Tuesday as India was closed for a holiday and after a difficult day in other Asian markets -- and because it was re-offered below par.

The company had wanted to do a transaction for some time and several banks...

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