Essar Energy prices largest CB so far this year

The London-listed Indian company raises $500 million, bringing the total amount of CB issuance on Tuesday to $1.1 billion.

Essar Energy priced its five-year convertible bond at the investor-friendly end of guidance late on Tuesday evening Hong Kong time and, while there was quite a bit of scepticism in the market about the level of demand at that price, the bonds held above par during Asian trading yesterday.

However, the London-listed company with interests in India’s power, oil and gas sectors, wasn’t able to exercise the $100 million upsize option and the deal size was left at $500 million....

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: convertible | energy | oil | gas | power

Print Edition

FinanceAsia Print Edition