Indian borrowers add spice to dollar bonds

Tata Steel raises jumbo dual-tranche bond, while Greenko and Global Cloud Xchange prices structurally appealing high-yield notes.

Three Indian companies added spice to the dollar bond market on Friday morning, making use of Narendra Modi-fueled enthusiasm post-elections.

Tata Steel priced a $1.5 billion dual-tranche bond, green energy player Greenko raised a debut $550 million five-year note callable in year three and communications services company Global Cloud Xchange sold a maiden $350 million five-year paper callable in year two on Friday morning.

Syndicate bankers said the reason for global investors pouring billions of dollars not only into Indian equities but into debt was fairly simple. The combination of a stable political regime has pushed down credit spreads, which have declined by an average of...

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