Glenmark CB: coming up roses

Indian pharma company introduces new CB structure to Asian equity markets.

Glenmark Pharmaceuticals completed a $70 million convertible on Monday. The deal was small in size, but highly innovative through its adoption of forward re-sets in a structure dubbed ROSES Resettable Onward Starting Equity-linked Notes by its lead manager JPMorgan. It was also extremely lucrative for the bank, netting the lead 3% in fees and a mandate that had once been held by Merrill Lynch.

The global equity-linked market is more used to downward re-set than upward ones, but in this instance a structure was devised to cope with India's unusual regulatory requirements concerning minimum maturities. The government's stipulation that CBs must have a minimum maturity of five years makes life...

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