Glenmark bond: the right medicine for Indian HY?

Generic drug manufacturer takes advantage of rising order books for Indian high-yield deals to price significantly through many brokers' fair value estimates.

Generic drug manufacturer Glenmark Pharmaceuticals executed a debut $200 million bond issue on Monday, taking advantage of rising demand for Indian high-yield deals to price significantly through brokers' fair value estimates. 

The BBBB rated deal represents the third Indian high-yield offering in the space of two months, following a $300 million issue for BB rated auto parts manufacturer Samvardhana Motherson Auto in mid-June and a $300 million issue for Ba3BB-BB- rated Hexaware in early July. 

Each transaction has generated a higher peak order book than the last, with Motherson achieving $1.4 billion in demand, Hexaware $1.9 billion and Glenmark $2.3...

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