Tata and Hon Hai price CBs

Another busy day for the equity-linked market as two deals are priced.

Hon Hai Precision and Tata Engineering Locomotive accessed the convertible market yesterday Wednesday raising a combined total of $500 million. Of the two deals, Tata offered the most rarity value as it is the first proper Indian CB since a $99 million issue for Gujarat Ambuja Cements in January 2001 and the first transaction without credit enhancement since 1997.

With Citigroup and Merrill Lynch as lead managers, Tata's deal was opened and closed within two hours, attracting an...

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