Motherson Sumi brings Asia's first euro-denominated CB

Active two days for Indian equity markets with a GDR for Apollo Hospitals and the region''s first euro-denominated CB by Motherson Sumi.

Indian auto parts manufacturer Motherson Sumi broke new ground for the Asian equity-linked market on Friday, with the completion of the region's first euro-denominated CB. Prior to this deal, the only other transaction with a euro component has been Temasek's multicurrency Finlayson exchangeable of 1999.

Motherson Sumi is said to have wanted euro funding because the currency provides a better match for its cash flows. Nearly two thirds of its production capacity is exported, with its biggest clients comprising car manufacturers such as Daimler Chrysler and the European-based factories of Toyota Motors. The company itself is a 19-year old joint venture in which Japan's Sumitomo Denso owns a 25% stake....

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