Indian telco Bharti Airtel, controlled by billionaire Sunil Mittal, printed a $1 billion debut bond early Tuesday morning, attracting strong investor interest amid a dearth of paper in the telecoms sector.
“Bharti attracted the most investors I have seen for an Indian company in the last two years,” said a banker. “The investor meetings were packed to the gills.”
Investors like the telco sector for its defensive qualities, but, aside from a handful of Asian names such as Indosat, Singapore Telecommunications, PCCW and Optus, there are few bonds.
Bharti’s deal was the biggest single-tranche international bond issued by a telco in Asia, excluding Japan,...