Adani bags another big order book for Indian bonds

A debut dollar bond for Adani Transmission receives a strong reception, continuing a run of well received deals from the sub-continent.
Gautam Adani: from college drop out to India's 11th richest tycoon
Gautam Adani: from college drop out to India's 11th richest tycoon

Adani Transmission received a strong reception for its debut dollar bond on Thursday, continuing a run of well-received deals from the sub-continent.

Strong inflows into emerging market funds, a shortage of Indian paper in the primary and secondary markets, plus the right credit fundamentals were the three magic ingredients that pushed the order book to a peak of $5 billion before the US opened.

Syndicate bankers said there were few dropouts or much scaling back after final guidance was released and indicative pricing was tightened from 290bp to between 260bp and 265bp over Treasuries. The final order book closed at $5.1 billion.

Final pricing...

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