First convertible this year comes from India

Citigroup brings $60 million deal for Era Constructions with forward pricing structure.

Era Constructions India became the first company to raise money from a convertible bond in 2007 when it completed a $60 million five-year, zero-coupon issue through Citigroup early yesterday morning. There is a greenshoe that could lift the issue size to $75 million if demand in the secondary market holds up.

The fact that the bond comes from an Indian company is an encouraging sign for market participants as it suggests the long period with virtually no equity-linked issuance from...

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